The media learned about plans of Sberbank to sell the airport business

© RIA Novosti / Vladimir Astapkovich in photomontage savings Bank. Archival photoThe media learned about plans of Sberbank to sell the airport business© RIA Novosti / Vladimir Astapkovich the image Bank

Sberbank is seeking a buyer for the package equal to 20% minus 1 share of the company «Basel Aero», a joint venture of «Basic element» Oleg Deripaska, Singapore’s Changi Airports International and the Bank, wrote on Tuesday the newspaper «Vedomosti».

It is reported that a stake in Cypriot Transport AMD – 2 (the parent company of the holding «Bazel Aero») Sberbank bought for $ 120 million in 2012, 30% at the same time acquired Changi (which owns and manages the Singapore airport) for $ 200 million, 50% plus 1 share of «Basic element» left at home. The holding, valued at $ 500 million, includes the airports of Sochi, Krasnodar (along with branch Gelendzhik airport) and Anapa. In addition, the «Basel» there are other airport assets airport of Krasnoyarsk and 33% of the airport of Vladivostok (by 33% also, RDIF and Changi), the newspaper said.

Sberbank had planned that investments in «Basel Aero» will be temporary, the publication said one of the interlocutors. The package of the savings Bank consists of preferred stock, which is confirmed by the registry data, which give the Bank the right to fixed payments, said another source. In the report Transport AMD – 2 investments of the savings Bank to the holding company classified as a debt to a related party with an interest rate of 12% per annum. Thus, savings from 2012 could get 72 million dollars in interest on the debt.

These payments are Basic element and Changi have long considered burdensome to the holding company, according to interlocutors of the newspaper. Thus, according to the report, the Basic element and Changi in July appeared the option for the acquisition of a stake in Sberbank. As noted by the interlocutor of the edition, «Basic element» seriously considered the possibility to buy a package of the savings Bank. But this is unlikely, as Sberbank to sell expensive and unnecessary means of «Basic element» no, said another source.

In addition, the «Basic element», and actively involved itself in the search for a buyer, the package have a foreign bidder, with whom negotiations are in an advanced stage, the sources noted, without naming the interested parties and the cost of the package. Representatives of Basic element and Sberbank declined to comment to the newspaper. The newspaper also reports that passenger traffic «Basel Aero» in the years 2012-2016 has increased from 5.5 million to 9.9 million people, and in the first half of 2017 four airport handled 4.5 million passengers.

According to Raiffeisenbank analyst Konstantin Yuminov, an average multiplier for the rating of Russian airports on traffic – 2,5 thousand rubles per passenger, that is, the entire holding can be estimated at about 25 billion rubles. But based on EV/EBITDA will be higher than the 25-35 billion rubles, as of 2016 airports holding had a negative net debt, the expert added. It turns out that the package of savings can cost 5-7 billion rubles. Yuminov believes that infrastructure assets are interesting, and the «Basel Aero» also works in the attractive region, as well as a strategic investor holding in the face of Changi is already there, then this package may be of interest to portfolio investors.