Lamda Development announces the strategic cooperation agreement with DOGUS Group
Today LAMDA Development SA and DOGUS Group Company D-Marine Investments Holding B.V. initialed a strategic cooperation agreement.
Pursuant to such agreement, the parties have agreed to establish a strategic alliance through the formation of a 50%-50% joint venture company, which will invest initially in touristic marina projects. In that respect Lamda Development will contribute to the Joint Venture Company with the shares it holds in Flisvos Marina Holding SA and Dogus will participate in a share capital increase with an equal amount in cash. The Parties have also agreed that the aggregate value of the transaction will be finally determined (and potentially adjusted) using a formula which takes into account 7XEBITDA of the Flisvos Marina minus financial debt, depending on Flisvos Marina Company performance in years 2015 and 2016.
Founded in 1951, Dogus Group is one of the largest conglomerates in Turkey. The Group operates in a variety of sectors including, financial services, automotive, construction, media, tourism and services, real estate and energy. Dogus Group has around 150 companies, a workforce of over 30 thousand and seeks to maximize the value of its brands, not only in Turkey but also in the regional and global context.
In a joint statement both CEOs, Mr. Husnu Akhan of DOGUS Group and Mr. Odysseas Athanassiou of LAMDA Development, stated that this agreement sets the basis for a long and successful business cooperation. The agreement will contribute not only to the performance of both groups but also to the closer cooperation of Greek and Turkish economic interests for the benefit of new investment activity in Greece and the Greek economy overall. Mr. Akhan and Mr. Athanassiou also expressed their intention for the cooperation of the two parties to be extended to other types of projects in tourism and real estate sectors.