EN

Qatar Holding to buy $1 billion stake in Istanbul shopping mall

Istinye Park

According to a recent report, the Dogus Group in Turkey are on the brink of selling their 42% share of one of the largest and most prominent shopping malls in Istanbul, Istinye Park, for one billion dollars (TL 7.75 billion) to Qatar Holding LLC.


The Dogus Group in Turkey

In 2018, Dogus entered into restructuring agreements with their banks and began to sell off their assets. Ferit Sahenk, the owner of the Dogus Group structured consortium deals in various sectors including yacht management, tourism, plus food and beverages. Sahenk was once the richest person in Turkey and owned Nusr-Et steakhouse group, amongst many other investments.

Dogus was the largest Marina operator in the Mediterranean last year and had an agreement in place with the famous Luxembourg CVC Capital Partners fund to sell its marina's to Greece, Croatia, and the United Arab Emirates. Dogus has also sold many of their hotels abroad and hotels in Turkey.

Reports by the business Daily Dunya, suggest that the Dogus Group has been searching for a buyer since 2018 for their 42% share in Istinye Park. Qatar Holding LLC is due to take over the share and partner up with the Orjin Group, who already hold the remaining 58% shares of the shopping mall. The takeover has been approved by Turkey's competition board and the mall will be jointly controlled by the Qatari fund.


Istinye Park shopping mall in Istanbul

Istinye Park is one of the most vibrant shopping malls in Turkey and opened 13 years ago to huge success. The shopping mall occupies almost 970,000 square feet in total, has car parking for 3,200 vehicles, and houses approximately 300 stores and international brands. In 2015, the Istanbul Metropolitan Municipality renamed the street close to the mall as “Qatar St.”


Qatar Holding LLC

Emir Khalifa bin Hamed Al-Thani established the QIA (Qatar Investment Authority) which owns Qatar Holding LLC, and it was created to administer surplus gas and oil revenues. According to the industry tracker, the QIA controls 335 billion dollars in assets throughout the world.

The QIA is one of the most active sovereign investors worldwide and has purchased assets including international real estate like those held in the financial district Canary Wharf in London, to stakes in blue chip companies including Credit Suisse and Total.

Recommended

Property Enquiry

Smartly priced seafront Homes Istanbul

Smartly priced seafront Homes Istanbul

Do not miss this opportunity