Dogus reportedly seeks buyers for hotel assets to ease debt position

By David Robinson
Thu Oct 11 2018, 15:20 PM

Turkish conglomerate said to be looking to sell €500m in assets as part of restructuring plan

Turkish conglomerate Dogus Group, which owns significant yacht marina and shipyard assets, is reportedly looking to sell a sizeable chunk of its assets to ease its debt burden.

According to Bloomberg, the group, led by billionaire Ferit Sahenk, is seeking buyers for prime hotel assets across southern Europe to raise funds to support its debt restructuring plans. The Bloomberg report suggests that Dogus is looking to sell some €500m of assets outside Turkey during 2019.

The plight of the group was highlighted this week when Standard & Poor’s downgraded its rating for Dogus to B-, citing its inability to initiate refinancing of some €725m of its own debt as well as debt related to investee companies.

The marine sector assets of the group are part of the Dogus Tourism Group, which is where the hotel assets being proposed for sale are also included.

Within its D-Marin division, which is operated through the Dogus Marine Investment Co based in the Netherlands, the group operates 11 marinas in Turkey, Greece, Croatia and Montenegro and it also has a near 11% stake in the Croatian state-controlled company ACI which operates 22 marinas.

In May, the European Bank for Reconstruction & Development agreed to buy a 25% of D-Marinas BV for €70m.

Dogus also holds a majority stake in Spanish superyacht refit and repair company MB92, which in turn owns Compositeworks and Blohm+Voss La Ciotat. MB92 was recently awarded the concession to operate the new 4,000-tonne capacity shiplift at La Ciotat.

At this stage, there is no suggestion that any of Dogus’s marine sector assets will be affected by the debt restructuring. As a group, Dogus operates in some 30 countries across four continents and employs around 35,000 people. The group comprises some 300-plus companies with investments in seven key sectors – tourism, media, energy, construction, real estate, automotive and food and beverage.