Turkey’s Doğuş sells top Athens marina to Lamda – report

Doğuş Group of Turkey sold its 50 percent stake in the luxury Flisvos Marina near Athens to Lamda Development for 12.9 million euros, Greek newspaper Kathimerini reported.

Lamda used its right of first refusal to buy the stake in Flisvos under a consortium agreement with Doğuş, Kathimerini said. The Greek company will become the sole owner of the marina, located 6 km from central Athens, after the transfer of the shares, which will take place in the first quarter, it said. Flisvos has a mooring capacity of more than 300 yachts.

Doğuş, one of Turkey’s biggest companies, is selling off non-core assets after a currency crisis that erupted in the summer of 2018 made its foreign currency debts more costly to repay, causing it to enter debt restructuring negotiations with banks.

Doğuş also owns stakes in Zea Marina in Piraeus, Gouvies Marina on the island of Corfu and Lefkas Marina on Lefkada, Kathimerini said.

The Turkish company sold its marinas in Croatia this month to CVC Capital Partners, Total Croatia News reported last week. The three Croatian facilities were named as Borik, Dalmatia and Mandalina. The web site did not mention a figure for the transactions.