Galataport shares to be acquired by creditor banks

ISTANBUL

Creditor banks have reached an agreement for the restructuring of the debts provided to Galataport İstanbul Liman İşletmeciliği (Galataport) and Doğuş Galataport Gayrimenkul Yatırımları.

“In order to collect a portion of the loans within the scope of the agreement, 49 percent of the shares representing the total capital of Galataport will be acquired by the lending banks in accordance with their pro-rata ratios,” the banks said in separate statements.

A three-year repurchase right was granted to Doğuş Galataport, they said in filings with Borsa Istanbul.

The transfer of stakes is expected to be completed by the end of the year, the banks added.

Under the deal, Yapi Kredi Bankası will acquire 13.2 percent of Galataport, while Garanti BBVA will take 12.28 percent.

İşbank and Türkiye Sinai Kalkinma Bankası will get 7.18 percent and 5.23 percent stakes, respectively. QNB will acquire 4.8 percent.

Spanning a 1.2-kilometer coastline along the Bosphorus, Galataport is a cruise ship port and mixed-use property unit. Galataport, which cost $1.7 billion, was opened in 2021.