Claim that 'Ferit Şahenk will sell Galataport to Qatar'

The US-based news agency Bloomberg has claimed that Ferit Şahenk is in talks with the Qatar Investment Authority regarding the sale of Galataport.

According to sources who spoke to Bloomberg, Şahenk approached the Qatar Investment Authority to gauge their interest in purchasing Galataport.

HAD USED A 1.1 BILLION DOLLAR LOAN

Şahenk plans to use the proceeds from a potential sale of Galataport, for which he had taken out a 1.02 billion Euro (1.1 billion dollar) loan for its construction, to pay off the debt.

Stating that the Galataport project was partially financed with credit and that Şahenk plans to use the proceeds from a potential sale to pay off this debt, the individuals said that the talks are still in an early stage and may not result in a deal.

The 1.7 billion dollar cruise port Galataport, built by Doğuş Group and Bilgili Holding, faced delays and opened in 2021.

The port, which has a 1.2-kilometer coastline on the Bosphorus, was targeted to host an average of 25 million visitors and 1.5 million passengers annually.

Doğuş, Bilgili and the Qatar Investment Authority did not comment to Bloomberg regarding the matter.

QATAR INVESTMENT AUTHORITY HAD BOUGHT 30 PERCENT OF ISTINYE PARK

Once Turkey's richest person, Şahenk spent heavily on hotels, marinas, and restaurants after selling his shares in Türkiye Garanti Bankası to the Spanish BBVA for approximately 5 billion dollars.

Şahenk's company, Doğuş Holding, has been trying to raise cash for the past few years and fulfill the commitments it made to banks as part of its debt restructuring.

The company sold a 30 percent stake in the Istinye Park shopping mall in Istanbul to the Qatar Investment Authority in 2020.