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Sign in Sign up for a FREE subscriptionBLG Capital sells interest in Galataport Istanbul and The Peninsula Istanbul to Dogus Group
BLG Capital has completed its exit from Galataport Istanbul, a mixed-use commercial development that transformed 1.3 kilometers (eight-tenths of a mile) of Istanbul’s Bosphorus waterfront in Karaköy. BLG sold its interest in the project, valued overall at $2.2 billion, to its partner Dogus Group. BLG helped deliver the travel and destination experience, as well as achieve appreciable investment returns on the LEED Platinum project, which saw the creation of the world’s first underwater cruise ship terminal, one of the world’s top-rated hotels, and the Renzo Piano-designed Istanbul Modern.
The partnership between BLG and Dogus won the bid for Galataport in 2013 and developed the multi-faceted commercial and travel project, with operations launching in October 2021. The project includes more than 1 million square feet of land with more than 5 million square feet of development comprising high-street retail, class A offices, the only cruise port terminal in Istanbul, the