Continuing to sell his assets, Ferit Sahenk is preparing to sell 42 percent of its shares in IstinyePark to Qatar Holding LLC, one of the world’s largest funds, for $ 1 billion.
Dogus Group, which started selling assets after restructuring with banks, continues its sales. Sitting at the table with banks in 2018, Ferit Sahenk, the owner of Dogus Group, sold many of his assets, especially in tourism, restaurant and yacht management, and started to go to a new partnership in some.
Dogus, which has become the largest marina operator in the Mediterranean basin, negotiated with $ 75 billion worth Famous Luxembourg-based fund CVC Capital Partners last year and sold UAE, its marinas in Greece and Croatia.
According to the news of Kerim Ulker from Dunya newspaper, Dogus Group, which sold out its hotels located in Turkey and abroad one by one, is now preparing to transfer its shares in IstinyePark, one of the most important shopping centres in Istanbul.
Ferit Sahenk has a 42 percent share in IstinyePark
Sahenk had a 42 percent stake in IstinyePark. Sahenk found a buyer for IstinyePark shares, which has been sold for 2 years. Qatar Holding LLC, one of the world’s largest funds, is preparing to acquire a 42 percent stake in IstinyePark, which is valued at around $ 1 billion. Doha-based Qatar Holding LLC will take over joint control of Dogus Tourism, Health Investments and Management Industry and Trade Inc. and therefore IstinyePark Shopping Mall.
Both companies, which also applied to official institutions, are expected to make an official statement in the coming days. As it is known, Orjin Group is the other partner of Istinye Park. It is not exactly known whether the Qatari company negotiated with Orjin Group to take over the remaining 58 percent stake.
Partner of Finansbank
Qatar Holding LLC, a partner of IstinyePark, is owned by one of the world’s largest funds, Qatar Investment Authority (QIA). It was founded in 2005 by the Emir of Qatar Hamad bin Khalifa Al Thani to manage the oil and natural gas surplus of the Qatar government, which stands out with its $ 335 billion in assets. The company, which also controls Qatar Diar, one of the largest real estate investment companies in the Middle East, is also a 50 percent partner of Qatar National Bank, which acquired Finansbank for $ 2.75 billion in 2015.
QIA, which has 17 percent share in Volkswagen Group, Porsche, Hochtief Sainsbury’s, 12.7 percent of the world-famous banking giant Barclays, is also partners with giants such as Technip, Air Liquide, Vinci SA, GDF Suez, Veolia, Vivendi, Royal Monceau, France Telecom, Areva, Credit Suisse.
Qatari investment in Qatar street
Istinye Park was designed in 2003 and constructed in 2007, it is one of the most vibrant shopping centres in Turkey. The mall has approximately 300 stores and 90 thousand square meters and a car park with a capacity of 3 thousand 200 vehicles. At the same time, the street where the project is located right next to the shopping centre in Istinye Park Site was known as Istinye Bayırı Street before 2015. The Istanbul Metropolitan Municipality Administration at that time changed the name of the street to Qatar Street 5 years ago. In a sense, with this purchase, the State of Qatar has settled on Qatar Street.
source: AA / translated by Melisa Karayusufoglu