The European Bank for Reconstruction and Development (EBRD) on Tuesday announced what it called its largest equity investment in the tourism sector to date by signing agreement that render it a shareholder in D Marinas B.V., a holding company exploiting 10 marinas Croatia, Greece and Turkey.
The marina network operating under the brand name D-Marin.
The EBRD will invest 70 million euros for a 25-percent stake of the holding company.
According to a relevant press release, EBRD describes D Marinas B.V. as the largest and only international chain of marinas in the eastern Mediterranean, and with approximately 8,000 berths under its management. The company’s ultimate beneficial owner is Doğuş Holding A.S., one of Turkey’s leading business conglomerates and a long-standing ERBD partner of the EBRD.
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, who signed the investment in Zagreb on Tuesday, later stated that “…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.”
“We are proud that Doğuş Group’s long-term strategy of investing in the tourism and specifically the marina business has been recognized 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,” Ferit F. Şahenk, the chairman of the board of Doğuş Group, added.
