Koc Holding poised to acquire Istanbul’s premier marina in $504 million deal
Fenerbahce-Kalamis Marina in Istanbul. (AA Photo)
Türkiye’s largest conglomerate, Koc Holding, has been invited to take control of one of Istanbul’s most prestigious maritime assets, marking the latest chapter in a years-long effort to privatize the Fenerbahce-Kalamis Marina, a crown jewel of the city’s waterfront infrastructure.
The company announced Monday that its subsidiary has been invited to sign a 40-year operational lease agreement on February 5, 2025, following its $504 million bid as the second-highest offer in the privatization tender. This development emerges after the highest bidder, Diyarbakir businessman Vahit Karaarslan, was unable to proceed with the contract.
Located on Istanbul’s Asian side in the upscale Kalamis neighborhood, the marina serves as a gateway to the Marmara Sea and has long been a mooring destination for Türkiye’s affluent yacht owners. The facility, currently under state ownership, represents a significant piece of Türkiye’s ongoing privatization efforts of state-owned assets.
The tender process has been marked by unusual complications. Koc Holding, a family-controlled industrial empire that ranks among Türkiye’s most influential business groups, had previously secured the tender twice. In one instance, the company withdrew its bid, while in the other, President Recep Tayyip Erdogan directly intervened to cancel the result—highlighting the complex intersection of business and politics in major Turkish infrastructure projects.
The latest breakthrough came through a presidential decree published in Türkiye’s Official Gazette on September 15, 2024. According to Koc Holding’s disclosure to the Public Disclosure Platform (KAP)—Türkiye’s equivalent of the U.S. SEC’s EDGAR system—the decree approved a shortlist of the top three bidders, with potential operators to be approached in sequence.
“Our evaluation of this opportunity continues, and we will inform the public of any significant developments,” the company stated in its filing to KAP.
The privatization of the Fenerbahce-Kalamis Marina represents more than just a business transaction; it reflects Türkiye’s broader economic strategy of transferring state-owned assets to private operators while retaining underlying ownership. For Istanbul, a city straddling two continents, the modernization of such maritime infrastructure is crucial for maintaining its status as a premier yachting destination in the Mediterranean region.
The $504 million valuation also signals continued investor confidence in Türkiye’s premium assets, despite the country’s recent economic challenges, including currency volatility and inflation concerns.
