Istanbul Salipazari Cruise Port

Active

In Feb 2014, Turkish Dogus Group took over the Istanbul Salpazari cruise port from the federal Turkish Maritime Organisation under a 30 year concession. The concession agreement included a brand new passenger terminal, investment in infrastructure (mainly for quays), restoration of historical buildings; and regeneration of the waterfront into a recreational and hospitality sector with hotels, museums, open spaces and squares. Dogus holding won the concession by making the highest bid of USD 702 million for the right to operate the port for 30 years. The four other competitors were: Alsim Alarko; a consortium of Polimeks, Folkart and Sembol; Torunlar; and a consortium of Global Yatirim Holding, Özak REIT and Delta Insaat. The project reached financial close in February 2014 with a debt equity ratio of 85:15. The USD 600 million debt was provided by Garanti Bank, Yapi Kredi Bank, Denizbank, HSBC Turkey, Finansbank and TSKB. Dogus Holding invested $102m as equity. In addition, Dogus group expected to invest USD 350 million for the new terminal and for the restoration and the redevelopment of the surrounding areas.