Koc Rule at Istanbul’s Top Marina Ends as Builder Wins Auction

A little-known builder won the right to operate Istanbul’s Fenerbahce-Kalamis Yacht Marina, clinching an asset that had been held by one of Turkey’s biggest conglomerates for decades.

President Recep Tayyip Erdogan’s approval of the winning $505 million bid by Vahit Karaarslan was published on Sunday. Karaarslan outbid incumbent Istanbul-based Koc Holding, which had operated the marina since 1998, in a privatization auction in July. He comes from the country’s southeast and his company, Karaarslan Group, has expanded from agriculture to construction in recent years.