Lamda Joins Turkey’s Dogus in Greek Marina Project Investments

Lamda Development SA (LAMDA), a Greek marina investor, and Dogus Holding AS, with interests in media, banking and energy in Turkey, set up a joint venture to invest in marina projects.

Lamda will contribute the shares it holds in Flisvos Marina Holding SA to the 50-50 venture and Dogus will participate in a share capital increase, Lamda said today in a statement to the Athens Stock Exchange. The cooperation may extend to real estate and other tourism projects, the company said.

The value of the transaction will be determined with a formula that takes into account seven times Flisvos Marina’s earnings before interest, taxes, depreciation and amortization, minus financial debt, Lamda said.

Dogus will buy four marinas that Greece is selling to raise cash, Milliyet reported June 18, citing Group Chief Executive Husnu Akhan. Istanbul-based Dogus applied to the Greek tourism ministry for clearance to acquire the marinas in Athens, Corfu Island, Lefkas Island and the Peloponnese for 20 million euros ($25 million), Akhan said, according to the newspaper.

To contact the reporter on this story: Maria Petrakis in Athens at mpetrakis@bloomberg.net Ercan Ersoy in Istanbul at 3909 or eersoy@bloomberg.net

To contact the editors responsible for this story: Benedikt Kammel at bkammel@bloomberg.net