The European Bank for Reconstruction and Development Bank (EBRD) announced Tuesday it had invested €70 million to acquire a stake of nearly 25 percent in a Turkish-owned marina company.
"The EBRD has signed investment agreements to become a shareholder in D Marinas B.V., the holding company for a network of currently 10 marinas in Croatia, Greece, and Turkey, operating under the brand name D-Marin," the bank said in a statement.
The funds will be used to finance the company’s growth plans, including the development of marina management operations, further acquisitions, and deleveraging, it said.
D Marinas B.V., whose ultimate beneficial owner is Turkish conglomerate Dogus Holding, is the largest and only international chain of marinas in the Eastern Mediterranean, boasting some 8,000 berths, the bank said.
Jurgen Rigterink, the EBRD's first vice president, said the investment aims to open up new opportunities for local businesses as well as create new jobs.
"The beginning of the tourism season is the right time to sign such an important investment where the EBRD can provide much-needed capital for the next steps of development in the tourism sector which is so important for Croatia, Greece, and Turkey,” Rigterink said.
Ferit Sahenk, Dogus's chairman, said the partnership highlights Turkey’s efforts and success to become an internationally known brand.
“This agreement is testament to D Marinas’ success, especially in the Eastern Mediterranean basin, where the potential for tourism is still rising, and accordingly our strategy is to expand further in the region," he said.