Qatar Investment Authority to Buy 20% Stake from Nusr-Et
Nusret rose to prominence after a famous internet meme dubbed "Salt Bae" went viral at the start of 2017
According to Turkish media sources, the owner of the upscale Nusr-Et steakhouse is in talks to sell a stake to Qatar's $450 billion sovereign wealth fund.
Bloomberg reported that D.ream Group, which is owned by Turkish billionaire Ferit Sahenk's Dogus Holding AS, may sell a 20% interest to the Qatar Investment Authority (QIA) for $300 million, confirming earlier reports in Turkish media.
According to reports, the price reflects a $1.5 billion corporate valuation.
The restaurant was started by Nusret Gokce, the man behind the Salt Bae meme. In Turkey, the United States, and the Middle East, Gokce presently has 15 restaurants. His most recent location debuted in London, where £630 ($857) steaks recently made headlines.
As part of a debt restructuring, Dogus has been striving to raise cash and fulfill bank pledges. The company agreed to sell a 30% stake in a high-end Istanbul shopping center to a Qatar Investment Authority affiliate in 2020.
"Among D.ream Group's investors are Singapore's Temasek and Metric Capital Partners, a London-based private equity firm that bought a 17 percent share for $200 million in 2018, valuing the company at $1.18 billion."
At the end of 2020, the QIA signed multibillion-dollar investment deals for the Turkish economy, including the purchase of a luxury mall and a significant portion of the Borsa Istanbul stock exchange.
Qatar bought a 10% interest in the Borsa Istanbul from Turkey Wealth Fund, which owned more than 90% of the total shares. Doha also paid $1 billion to Dogus Holding of Turkey for a 42 percent stake in Istanbul's Istinye Park shopping mall. Dogus Holding owns the remaining 58 percent.
Turkey and Qatar have a long history of military cooperation in Somalia and Libya, as well as a united front against Doha's Gulf neighbors. Ankara has a huge military facility in the emirate.
Story of Fame
Salt Bae was a popular internet meme that became viral at the beginning of 2017.
Gokce is the creator of the meme. On January 7, 2017, a video of him tenderly preparing an Ottoman steak became an online phenomenon.
Nusret Gökçe's rapid rise has been nothing short of amazing. Given his humble beginnings as a 6th-grade dropout who became a butcher's apprentice due to financial difficulty, he is nothing short of inspirational.
Salt Bae first started his restaurant in Istanbul, Turkey in 2010, and then opened a second one in Dubai in 2014. The Butcher Formerly Known as Nusret Gökçe began writing the next thrilling chapter of his life after reaching international fame in 2017.
His odd meat films immediately went popular, with viewers especially loving his flamboyant method of sprinkling a handful of salt crystals at the end. After cooking for superstars such as David Beckham, Leonardo DiCaprio, and DJ Khaled, he soared to renown.
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