1B euros financed by 6 Turkish banks for Galataport
by Daily Sabah
ISTANBULSep 01, 2016 - 12:00 am GMT+3
by Daily Sabah
Sep 01, 2016 12:00 am
Doğuş Group CEO Hüsnü Akhan said they are set to make a TL 4.5 billion ($1.52 billion) investment in Galataport, while 1.02 billion euros ($1.14 billion) have already been financed by six local banks for the project. A signature ceremony was held for the financial loan provided for the Galataport project conducted in collaboration between Doğuş Group and Bilgili Holding.
Speaking at the press conference following the ceremony, Doğuş Group CEO Akhan said they, as a group that believes in Turkey's potential, revived their projects with a long-term perspective. Stating that their rapid growth and investment process focusing on the dynamism of the private sector and the strong potential of the economy continued this year as well, Akhan said their prominent strategy was to create value in and outside the country. Six local banks financed 1.02 billion euros for the project. Financing for the Galataport project was signed as a 14-year term without any capital payment for 3.5 years.
Located at one of Istanbul's most important historic points, the project is to be completed by the last quarter of 2018. TL 4.5 billion will be invested in the project to create a brand new living environment, Akhan said. Due to its field of activity and investment, the Galataport project is expected to make a TL 5 billion contribution to the Turkish tourism sector along with 7 billion foreign visitors. Besides, over 20 million visitors are expected. Akhan said the Doğuş Group signed an agreement with Hong Kong-based Peninsula Hotels for the historical buildings located near Karaköy. Within the scope of the agreement, the historical buildings will be preserved and restored in accordance with their original forms. A TL 500 million direct investment is currently on the table for the project.
Galataport will have a planning area of 112,000 square meters, a port area of 10,000 square meters and a green area of 30,000 square meters. Ziraat Bank General Manager Hüseyin Aydın said they were doing the best they could, and they trusted everyone who trusted in Turkey, adding that they were pleased to be a part of this project.
İş Bank General Manager Adnan Bali noted that the project was very crucial in terms of historical texture and tourism, and they had no concerns regarding the country's future.
Yapı Kredi Bank General Manager Faik Açıkalın, on the other hand, said that they were pleased to be a part of the project as its biggest financer, and they believed in Turkey's bright and powerful future.
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