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Banks

Turkey's Dogus secures 1 bln eur financing for luxury Istanbul port project

ISTANBUL, Aug 31 (Reuters) - Turkey’s Dogus Group, one of the country’s largest conglomerates, said on Wednesday it had secured 1.02 billion euros ($1.14 billion) in financing from six Turkish banks for a luxury port project near the Galata district of Istanbul.

Chief executive Husnu Akhan told reporters that Dogus would invest 4.5 billion lira ($1.5 billion) in the project, which it aimed to complete in the last quarter of 2018.

It said The Peninsula Hotels, operated by Hongkong and Shanghai Hotels, would invest 500 million lira ($170 million) in the project.

The Galataport project envisages a new terminal for cruise ships and a luxury hotel in the Karakoy neighbourhood near Istanbul’s historic Galata district, the site of Istanbul’s old berths for cruiseliners.

($1 = 0.8970 euros)

$1 = 2.9531 liras Reporting by Ceyda Caglayan; Writing by Nick Tattersall; Editing by Asli Kandemir

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