Qatar Holding is buying a $ 1 billion stake in Istanbul’s Property Turkey

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According to a recent report, the Dogus Group in Turkey is on the verge of selling its 42% stake in one of Istanbul’s largest and most prominent shopping malls, Istinye Park, for $ 1 billion (TL 7.75 billion) Qatar Holding LLC.

Dogus group in Turkey

In 2018, Dogus entered into restructuring agreements with its banks and began selling off their assets. Ferit Sahenk, owner of a consortium structured within the Dogus Group, is involved in a variety of sectors, including yacht management, tourism, plus food and beverage. Sahenk was once the richest person in Turkey and owned the Nusr-Et steakhouse group, among many other investments.

Last year, Dogus was the largest marina operator in the Mediterranean and had an agreement with the well-known Luxembourg fund CVC Capital Partners on the sale of its marinas to Greece, Croatia and the United Arab Emirates. Dogus has also sold many of its hotels abroad and hotels in Turkey.

Daily Dunya reports suggest that the Dogus Group has been looking for a buyer since 2018 for its 42% stake in Istinye Park. Qatar Holding LLC is taking over a stake and is partnering with the Orjin Group, which already holds the remaining 58% stake in the mall. The Turkish Competition Committee has approved the takeover, and the shopping center will jointly control the Qatari fund.

Istinye Park Shopping Center in Istanbul

Istinye Park is one of the liveliest shopping malls in Turkey and opened 13 years ago to great success. The shopping center occupies almost 970,000 square meters, has parking for 3,200 vehicles and has approximately 300 stores and international brands. In 2015, the city of Istanbul renamed the street near the shopping center to “Qatar St.”

Qatar Holding LLC

Emir Khalifa bin Hamed Al-Thani founded QIA (Qatar Investment Authority) which owns Qatar Holding LLC, and was created to manage surplus gas and oil revenues. According to the tracker industry, QIA controls $ 335 billion in assets worldwide.

QIA is one of the most active government investors in the world and has bought assets, including international real estate such as those held in London’s Canary Wharf financial district, for stakes in blue-chip companies including Credit Suisse and Total.



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