Moscow Sheremetyevo airport’s operator is vowing to restore the Russian capital’s Domodedovo airport to profitability after signing an acquisition agreement for the hub.
Domodedovo was auctioned on 29 January after being taken over by the Russian government.
Sheremetyevo’s operator – represented by subsidiary Perspektiva and in collaboration with bank PSB – is acquiring the rival airport for RB66.1 billion ($854 million) after a successful bid.
The operator says it aims to develop a programme for “rehabilitation” of Domodedovo, and submit it to regulators.
Domodedovo’s passenger numbers stood at just 13.8 million last year, less than half the level it was accommodating at its peak.
Sheremetyevo chief Mikhail Vasilenko says Domodedovo is a “disparate asset” made up of 25 companies and turning in losses of around Rb10 billion per year – and labouring under a “significant” debt burden of Rb75 billion.
“This is a core business project aimed at creating new opportunities for passengers and airlines,” he says. “We face challenging work across various areas of our operations.”
He states that the intention is to optimise the enterprise structure, improve service quality, and achieve profitability.
