BLG Capital has completed its exit from Galataport Istanbul, a mixed-use commercial development that transformed 1.3 km of Istanbul’s Bosphorus waterfront valued at $2.2 bill, to its partner Dogus Group.
The company’s exit culminates in the development and transformation of Istanbul’s Karaköy Waterfront into a sustainable and innovative mixed-use commercial and travel destinations.
BLG’s expertise and execution helped to deliver one the world’s most impressive travel and destination experiences, as well as achieved 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, The Peninsula, and the Renzo Piano-designed Istanbul Modern, among others.
The partnership between BLG and Dogus won the bid to develop Galataport in 2013 and built the multi-faceted commercial and travel project, with operations launching in October, 2021.
The project included more than 1 mill sq ft of land with more than 5 mill sq ft of development that comprises high-street retail, class-A offices, the only cruise port terminal in Istanbul, the Peninsula Istanbul Hotel, and two major contemporary art museums: Istanbul Museum of Modern Art and Mimar Sinan University Istanbul Museum of Painting and Sculpture.
The highly sustainable project also involved the creation of an esplanade that transforms into a temporary customs barrier and entry into the underwater terminal when ships arrive.
“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,” said Serdar Bilgili, Chairman, BLG Capital.
“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 on uncompromisingly elevated experience across the full footprint of the Galataport,” he said.
Galataport expects to attract over 25 mill visitors per year, including 7 mill tourists from abroad, while welcoming around 1.5 mill cruise passengers annually.
The development also features 230 food and beverage and retail stores from a wide selection of Turkish and international brands, as well as 43,000 leaseable sq m of office space.
