Turkish mall valued at $1B in deal with Qatar

Dogus Holdings selling Istinye Park in Istanbul

National Weekend Edition /
Nov.November 28, 2020 12:00 PM
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish investment giant Dogus Holdings AS has agreed to sell a 30 percent stake in a high-end Istanbul shopping mall to a wing of Qatar’s sovereign wealth fund.

The deal is said to value the Istanye Park property at $1 billion, Bloomberg News reported. The buyer is Qatar Fund, which is owned by the Qatar Investment Authority.

Dogus is expected to use the $300 million or so in proceeds to pay its bank lenders, per a $2.7 billion debt restructuring deal that closed last year. Dogus committed to sell assets to meet those debts.

Dogus is negotiating agreements with banks to delay payments on the debt restructured last year. The conglomerate has businesses in numerous sectors, including auto dealerships and construction. Among its holdings is the Nusr-Et chain of steakhouses run by Nusret Gökçe, better known as Salt Bae.

Dogus was one of a number of Turkish companies that hit troubles with its debt obligations following the rapid devaluation of the Turkish lira in 2018. The coronavirus pandemic has complicated any recovery.
In the past few years, the Qatari government has pledged as much as $15 billion in investment and credit to the Turkish government. [Bloomberg News] ­— Dennis Lynch 


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...