EBRD Signs ‘Largest Equity Investment in the Tourism Sector’

Zea Marina. Photo source: D-Marine

The European Bank for Reconstruction and Development (EBRD) on Tuesday 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 ultimate beneficial owner of D Marinas B.V. is Dogus Holding A.S., one of Turkey’s leading business conglomerates and a long-standing partner of the EBRD.

In Greece, the marinas of Gouvia (Corfu), Lefkas (Lefkada), Zea (Piraeus), and Flisvos (Paleo Faliro) are in the D-Marin network.

Referring to its move as “its largest equity investment in the tourism sector to date”, the EBRD is investing 70 million euros for a stake of approximately 25 percent.

Signing of the agreement between EBRD and Doğuş Holding. Photo source: EBRD

The funds will be used to finance the company’s growth plans, including the development of marina management operations, further acquisitions and deleveraging.

“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,” EBRD First Vice President Jurgen Rigterink said.

D Marinas B.V. is the largest and only international chain of marinas in the Eastern Mediterranean offering approximately 8,000 berths.

Flisvos Marina. Photo source: D-Marine

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 programs 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.

Ferit F. Sahenk, Chairman of the Board of Dogus Group, said the partnership highlighted Turkey’s efforts and success in terms of becoming a world renowned 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,” Sahenk said.