EBRD invests in D Marinas B.V. marina business in Eastern Mediterranean

Brussels, Belgium (PortSEurope) May 301, 2018 - The European Bank for Reconstruction and Development (EBRD) is investing €70 million for a stake of approximately 25% in D Marinas B.V., the holding company for a network of marinas in Croatia, Greece and Turkey, operating under the brand name D-Marin. The funds will be used to finance the company’s growth plans, including the development of marina management operations, further acquisitions and deleveraging. D Marinas B.V. is the largest and only international chain of marinas in the Eastern Mediterranean offering approximately 8,000 berths. The company’s ultimate beneficial owner is Doğuş Holding A.S., one of Turkey’s leading business conglomerates and a long-standing partner of the EBRD. The company’s expansion will support the development of the local tourism sector, promote growth and create jobs. Technical cooperation funds provided by the EBRD Shareholder Special Fund will be used to finance training programmes and work-based learning opportunities for young people and women. The investment comes under the new EBRD Inclusive Tourism Framework for the Eastern Mediterranean which aims to support local tourism sectors to grow and upgrade through investments in hotels and tourism operators. EBRD First Vice President Jurgen Rigterink said: “With this investment the EBRD is demonstrating its long-term commitment to supporting the progress of Croatia’s economy. Tourism is a major driver of growth for the country and we expect this investment 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.” Ferit F. Şahenk, Chairman of the Board of Doğuş Group, said: “We are proud that Doğuş Group’s long-term strategy of investing in the tourism and specifically the marina business has been recognised by such an important institution such as the EBRD. 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. I hope that we will continue to look for other valuable investments with the EBRD in and around Turkey. This agreement also underscores the great progress that Turkish businesses have made in recent years globally. I believe our partnership will contribute positively to the cooperation between all sides and create a constructive momentum and motivation for the Turkish business community. I would like to thank both the EBRD for the trust they have shown in us and also my colleagues at Doğuş Group for their substantial support.” By managing 11 unique marinas in Ionian, Aegean & Adriatic Seas, D-Marin operates one of the largest international chain of marinas in the Eastern Mediterranean that promotes recreational yachting; provides critical waterfront infrastructure that allows community access to the natural waterways; and develops sustainable businesses that encourage local employment and growth within the economy. D-Marin started its operations in 2003 in Turkey with its first marina, D-Marin Turgutreis. In 2009, D-Marin Didim commenced operations as the second marina in the network, and furthermore, in 2010 D-Marin Göcek joined to the D-Marin. In 2009, D-Marin expanded outside of Turkey and entered Croatia through D-Marin Mandalina located in Šibenik. In April 2012, D-Marin Dalmacija, which is the largest marina in Croatia, and D-Marin Borik joined D-Marin. In December 2012, entering into partnerships with Lamda Development and Kiriacoulis Mediterranean Cruises Shipping resulted in adding a world class superyacht marina - Flisvos Marina, also 3 other premium marina destinations in Greece; Gouvia, Lefkas and Zea to its portfolio. Finally, D-Marin undertook the management of Portonovi Marina in Montenegro, with the management agreement signed in January 2018 and increased its berthing capacity to 8,471. In December 2015, D-Marin has expanded its service area to the refit, repair and maintenance of superyachts in the yachting sector by the partnership agreement made with MB’92 in Barcelona. Starting April 2017, Blohm + Voss La Ciotat, 200 metre long dock in France and October 2017, Compositeworks began to be managed by MB92, which has 25 years of experience and knowledge in superstructure maintenance and repair. Source: EBRD Copyright (C) PortSEurope. All Rights Reserved. 2018.

EBRD invests in D Marinas B.V. marina business in Eastern Mediterranean

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EBRD invests in D Marinas B.V. marina business in Eastern Mediterranean

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