Qatar Investment Authority buys stake in Istanbul shopping mall

Qatar Investment Authority buys stake in Istanbul shopping mall

Qatar Investment Authority (QIA) is partnering with Doğuş Group and Orjin Group in IstinyePark, one of the biggest shopping malls in Istanbul, Turkey.

Doğuş Group has signed an agreement with Doha-based Qatar Holding LLC, wholly owned by the Qatar Investment Authority (QIA), for the sale of a stake in the IstinyePark Shopping Center.

Qatar Holding’s partnership percentage was not disclosed. Before the agreement, Doğuş Group had a 42 percent stake in the shopping mall.

According to which is also Duğuş Group’s digital media source, the Qatar Holding LLC will pay nearly $300 million for the partnership.

IstinyePark was completed in 2007. With 87,000 square meters of store area, IstinyePark is home to approximately 300 stores and has 3,200 car park capacity.

In addition, Turkey Wealth Fund (TWF) and Qatar Investment Authority (QIA) have signed a Memorandum of Understanding (MoU) to consider and finalise the potential purchase of 10% of Borsa İstanbul AŞ shares by QIA and their future collaboration in the governance of Borsa İstanbul.

TWF is the majority shareholder of Borsa İstanbul with a shareholding of 90.6%. QIA is the sovereign wealth fund of the State of Qatar. Upon the consummation of a share purchase by QIA TWF will continue holding 80.6% of the Borsa İstanbul shares.