Turkish private equity real estate firm BLG Capital has sold Galataport Istanbul to its partner, Dogus Group, in a transaction valued at $2.2 bn (€2.0 bn).
This makes the mixed-use development, that revitalized 1.3 kilometres of Istanbul's Bosphorus waterfront in Karaköy, the highest-valued real estate asset in Turkey and one of the largest real estate transactions in the country.
BLG and Dogus partnered to win the bid for Galataport in 2013 and subsequently developed the transformative project. The development, which opened its doors in October 2021, spans over 92,903 m2 of land and includes more than 464,515 m2 of built-up area.
It offers a diverse range of amenities, including high-end retail, premium office space, the world's first underwater cruise ship terminal, the Renzo Piano-designed Istanbul Modern hotel, and two renowned contemporary art museums (Istanbul Museum of Modern Art and the Mimar Sinan University Istanbul Museum of Painting and Sculpture).
Galataport is a sustainable project with LEED Platinum certification that features an esplanade that can be transformed into a temporary customs barrier when ships arrive at the underwater terminal.
Serdar Bilgili, chairmain, BLG Capital, said: ‘Galataport was a landmark project for our firm but, more importantly, it is a project that continues to demonstrate the ingenuity of the Turkish real estate and development industry and the strength of its investment market. This is a project full of firsts and superlatives, and it is the result of a highly productive collaboration with Dogus, the city of Istanbul, and our operators and tenants. We are also proud to have built substantial returns for our investors while still delivering an uncompromisingly elevated experience across the full footprint of the Galataport.’
Galataport is expected to attract over 25 million domestic visitors and seven million international tourists. Additionally, the development anticipates welcoming approximately 1.5 million cruise liner passengers annually.
The project boasts a diverse range of amenities, including 230 food and beverage outlets and retail stores from renowned Turkish and international brands. It also offers 43,000 m2 of leasable office space.
