BLG Capital has exited its investment in Galataport Istanbul, a $2.2 billion mixed-use development along Istanbul’s Bosphorus waterfront in Karaköy, selling its stake to project partner Dogus Group, according to a press release.

Galataport Istanbul transformed a 1.3-kilometer section of the waterfront into a travel and lifestyle destination, integrating a LEED Platinum certification and extensive sustainable design elements. Among its innovations is the world’s first underwater cruise ship terminal, which incorporates a retractable esplanade that serves as a temporary customs barrier upon ship arrival.

“Galataport was a landmark project for our firm but, more importantly, it is a project that continues to demonstrate the ingenuity of the Turkish real estate and development industry and the strength of its investment market,” said Serdar Bilgili, chairman of BLG Capital.

“This is a project full of firsts and superlatives, and it is the result of a highly productive collaboration with Dogus, the city of Istanbul, and our operators and tenants. We are also proud to have built substantial returns for our investors while still delivering an uncompromisingly elevated experience across the full footprint of the Galataport.”