Koç firm places highest bid for Kalamış port with $664 million

ANKARA

AA Photo

Koç Holding subsidiary Tek-Art has placed the highest bid of $664 million in a tender for the privatization of Turkey’s largest yacht port, Kalamış-Fenerbahçe marina, which was previously run by the group.

Including Tek-Art, which has been operating the marina under the name Setur Marinas for 15 years, a total of seven bidders raced to acquire 30-year operational rights to the marina that is located on the Asian side of Istanbul.

Tek-Art emerged triumphant after a fierce auction competition with real estate company Safi Gayrimenkul on the auction stage, which started off with three companies.

Akdeniz İnşaat, a company owned by business tycoon Ali Ağaoğlu, who was briefly detained as part of the Dec. 17, 2013 corruption probe, also partnered up with Yılport Holding to compete as a joint venture, but dropped out of the race during the auction stage.

After raising the auction bid from $570 to $600 million in a steep move, the venture declared it withdrew from the tender.

The tender started with a non-elimination preliminary tour and proceeded to auction after two elimination tours.

Akın Holding-Edip Gayrimenkul joint venture was the first bidder to leave the race, where Taşyapı İnşaat, Dati Yatırım Holding and Tepe-Kaya joint venture were also competing.

The Privatization Board had launched privatization efforts for the marina in February, taking away Koç’s right to operate there. The amount of the bid security was set at $10 million.

The winner will pay 20 percent of the tender amount in cash.

Acquired by the Setur Marina Group in 1998, the marinas offer a variety of services, including internal and external care, repair and treatment, car rental and parking, as well as nearby restaurants and a market for shopping needs.

With 1,291 berthing and 220 dry storage capacities, the marina is the largest in Turkey and one of 11 blue-flagged yacht ports.