Mayhoola for Investments, a fund based in Qatar, will buy a 30.7 percent stake in Turkish retailer Boyner Retail and Textile Investments for 885 million Turkish liras ($332 million), Boyner Group said on Wednesday.

Qatari fund buys 31 pct of Boyner Retail: Turkey

Mayhoola for Investments, a fund based in Qatar, will buy a 30.7 percent stake in Turkish retailer Boyner Retail and Textile Investments for 885 million Turkish liras ($332 million), Boyner Group said on Wednesday.

The retailer is the largest listed, non-food and non-electronic retail company with more than 400 retail stores in Turkey. It distributes in Turkey international luxury brands such as Dolce & Gabbana, Christian Dior, Canali, Saint-Laurent as well as its own private label brands such as Beymen Club, Fabrika, NetWork, Divarese.

“Mayhoola will participate in the capital increase as sole investor and will own, post capital increase, circa 31 percent of the share capital of BRTI, Boyner said in a statement. 

“The proceeds of the capital increase will be used by the company to repay the liabilities which are due for the acquisition of Beymen and Boyner Buyuk Magazıcılık in 2013,” it added. 

“Our Group is implementing its long term strategy in accordance with the objectives set three years ago. We have decided to strengthen our equity capital to support our long term growth strategy through a partnership with Mayhoola,” Cem Boyner, Boyner Group Chairman and CEO, said. “This partnership will strengthen the leading position of our retail companies and support our long-term strategy.”

Mayhoola has global brands in its portfolio of investments

Mayhoola invests globally in the luxury and retail sectors. It acquired in 2012 the Italian fashion giant Valentino. The Qatari based investment company has also invested in other international brands such as Pal Zileri and Anya Hindmarch.

“Mayhoola is keen to enter the Turkish luxury fashion and retail sector, and Boyner Group represents the optimal avenue to achieve this objective; we look forward to see Boyner Group’s brands growing even further in Turkey and expanding internationally,” Mayhoola said in a statement. 

Source:AA

Nurullah Kırmacı / emlakcoulisse.com

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