Dogus and Fiba quit talks for Gebze shopping mall

Dunya Executive - - OVERVIEW -

Fiba Group quit talks for the sale of Gebze shopping mall in Sakarya province after Dogus Group pulled out, source say. Dogus Gayrimenkul Yatirim Oratkligi had declared that the Gebze Center AVM, a hotel and 2,000 square meters of land, was sold for 102.5 million euros to Fiba Group in a public disclosure announcement. However, another disclosure at the end of last year noted that the agreement was cancelled after a mutual decision.

The talks for the sale of the shopping mall, with 60,585 square meters of retail space, had begun in June 2018, according to Kerim Ulker of Dunya. The talks were between subsidiary companies Seyir Gayrimenkul of Fiba Group and Dogus GYO. The Netherlands based Credit Europe Bank that belongs to Fiba Group owns Seyir Gayrimenkul.

Fiba Group and Dogus Group are partners in the London-based Dome Group, an investment bank and an advisory house. Both companies are rumored to be in an effort to sell their assets in the company. The third partner is an Egyptian citizen living in Qatar, holding board member positions in leading funds in the latter country.

Dogus Group last week had agreed on a restructuring plan of its 2.3 billion debts to banks. The details of the plan haven’t yet been disclosed. However, sources say that it includes the sale of several assets including shopping malls, hotels and companies Dogus Group owns.

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