Turkey's Dogus secures 1 bln eur financing for luxury Istanbul port project

Hongkong and Shanghai Hotels

31/08/2016 09:42

ISTANBUL, Aug 31 (Reuters) - Turkey's Dogus Group, one of 
the country's largest conglomerates, said on Wednesday it had 
secured 1.02 billion euros ($1.14 billion) in financing from six 
Turkish banks for a luxury port project near the Galata district 
of Istanbul. 
    Chief executive Husnu Akhan told reporters that Dogus would 
invest 4.5 billion lira ($1.5 billion) in the project, which it 
aimed to complete in the last quarter of 2018. 
    It said The Peninsula Hotels, operated by Hongkong and 
Shanghai Hotels  0045.HK , would invest 500 million lira ($170 
million) in the project. 
    The Galataport project envisages a new terminal for cruise 
ships and a luxury hotel in the Karakoy neighbourhood near 
Istanbul's historic Galata district, the site of Istanbul's old 
berths for cruiseliners. 
    ($1 = 0.8970 euros) 
    ($1 = 2.9531 liras) 
 
 (Reporting by Ceyda Caglayan; Writing by Nick Tattersall; 
Editing by Asli Kandemir) 
 ((nicholas.tattersall@tr.com; Reuters Messaging: 
nicholas.tattersall.thomsonreuters.com@reuters.net)) 
 
Keywords: TURKEY DOGUS/ISTANBUL PORT