Bilgili Holding exits Galataport with $418M deal, sells 19% stake to Dogus

Turkish firm Bilgili Holding recently transferred its 19% stake in the Galataport project to Dogus Holding. Serdar Bilgili, Chairman of Bilgili Holding, explained that the decision came as the firm felt it had fulfilled its role in the project.

In a conversation with a Turkish media outlet in New York, Bilgili and Bilgili Holding CEO Sinan Temo elaborated on their reasons for exiting Galataport. Bilgili emphasized that their mission in the project was complete, saying, “We entered as a fund, focusing on development, implementation, and construction. At this stage, we believe we’ve accomplished our mission.” He also noted that Dogus Holding had managed the leasing and sales activities from the start.

Bilgili pointed out that investment funds generally commit to projects for a specific timeframe, explaining, “Funds typically enter projects temporarily. We’ve spent 10-11 years in Galataport, so it was time to exit.” The 19% stake was transferred to Dogus Holding based on a $2.2 billion total valuation, with Bilgili confirming that BLG Capital’s share amounted to roughly $418 million.

Galataport’s increased value

Bilgili discussed Galataport’s costs, stating that the land alone was valued at $700 million. The project’s total cost is estimated around $1.7 billion.

Now valued at $2.2 billion, the project reflects an appreciation of $500 million.

Galataport: BLG Capital’s second major project

BLG Capital CEO Sinan Temo noted that Galataport was the fund’s second large-scale development since its founding. At that time, the fund’s assets were just above $200 million.

Bilgili Holding has confirmed a positive departure from the project, while Dogus Holding now assumes full ownership of Galataport, opening new growth opportunities for this landmark development in Istanbul. Bilgili’s comments have sparked interest in the future potential of this prominent city-center project in Türkiye.

Bilgili expands portfolio with acquisition of iconic Istanbul hotel

In a separate development, Serdar Bilgili’s BLG Capital has acquired the iconic Les Ottomans Hotel, located on Istanbul’s Bosphorus, from former Galatasaray President Unal Aysal. Known for its prime location in Kurucesme, the hotel faced financial challenges with an outstanding $75 million debt to Akbank. According to reports by Sozcu, BLG Capital purchased the property for $75 million, assuming all its outstanding debts.

Les Ottomans Hotel, originally a 4,527-square-meter mansion, underwent a $55 million restoration before opening as a luxury hotel in 2006. With this acquisition, Bilgili strengthens his portfolio and cements BLG Capital’s presence among prestigious properties in Türkiye’s real estate landscape.

Bilgili Holding has confirmed a positive departure from Galataport, while Dogus Holding now assumes full ownership of the project, opening new growth opportunities for this landmark development in Istanbul. Bilgili’s recent activities have sparked interest in his expanding ventures across Türkiye’s high-profile real estate sector.