The European Bank for Reconstruction and Development (EBRD) has signed a deal to become a shareholder in D Marinas B.V., the holding company for a network of currently 10 marinas in Croatia, Greece and Turkey, operating under the brand name D-Marin, the lender said on Wednesday.
In EBRD's largest equity investment in tourism, it is investing 70 million euros for a stake of approximately 25 per cent. The funds will be used to finance the D. Marinas growth plans, including the development of marina management operations, further acquisitions and deleveraging.
D Marinas B.V. is the largest and only international chain of marinas in the Eastern Mediterranean offering approximately 8,000 berths. The company’s ultimate beneficial owner is Doğuş Holding A.S., one of Turkey’s leading business conglomerates and a long-standing partner of the EBRD.
The company’s expansion will support the development of the local tourism sector, promote growth and create jobs, EBRD said.
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.
"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,” said EBRD First Vice President Jurgen Rigterink in a statement.