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