Turkish billionaire Ferit Şahenk has reportedly reached out to the Qatar Investment Authority to assess their potential interest in acquiring a cruise port and shopping mall project located in the center of Istanbul, according to sources familiar with the matter.

The project, Galataport, situated in Istanbul’s Karaköy district, was financed partly with a 1.02 billion euro ($1.1 billion) loan and Şahenk plans to use any proceeds from a potential sale to repay that debt, said the source, who declined to be identified as the talks are private, a recent report by Bloomberg indicated.

Talks are at an early stage and a deal may not eventually materialize, they said.

The $1.7 billion cruise port project, built by Şahenk’s Doğuş Group and smaller partner Bilgili Holding under a 30-year government contract, was beset with delays and opened in 2021.

The port has a 1.2-kilometer (0.74-mile) coastline and is projected to average 25 million visitors and 1.5 million passengers annually.

Since its opening, it has assumed the role of one of the top cruise destinations in the industry, thus contributing to local tourism.

Shares in Doğuş REIT, a subsidiary of Şahenk’s holding company, were up as much as 8.6%, according to Bloomberg.

Representatives for Doğuş and Bilgili weren’t available for comment. The QIA declined to comment.

Şahenk, once Türkiye’s richest man, invested mainly in hotels, marinas and restaurants after selling his stake in Türkiye Garanti Bankasi A.Ş. to Spain’s BBVA for about $5 billion.

Doğuş Holding, which made restructuring agreements with banks, has wanted to increase its cash position in recent years. Doğuş sold its 30% share in Istinye Park Mall to the Qatar Wealth Fund in 2020.