Turkish real estate private equity firm Intus Capital has raised $120 mln (€102 mln) via a joint venture between the European Bank for Reconstruction and Development (EBRD) and Turkish property developer Nef to build greenfield residential and student accommodation schemes in Turkey.
Istanbul-based Intus will manage the joint venture, which sees EBRD and Nef contribute $60 mln (€51 mln) each. With a mandate to focus on growth sectors, it plans to build modern, earthquake-proof and energy-efficient residential and student housing properties.
'We are excited to establish this partnership between the EBRD, one of Europe’s most reputable institutional investors, and local sector-leader Nef,' commented Bulent Kozlu, partner at Intus Capital. 'We see attractive opportunities in Turkey’s residential and student housing markets. We have a strong pipeline of projects in place.
'Turkey's growing population, the rise of its middle class' purchasing power and the increasing availability of mortgages underpin our focus on the residential sector. In the student housing segment, the tripling of the university student population in the last 10 years and lagging supply have created a unique investment opportunity.'
'We are pleased to begin this long-term partnership with the EBRD and continue investing in Turkey’s future,' added Erden Timur, founder of Nef and partner at Intus Capital. 'This is an important vote of confidence in our economy and its long term-growth.'
'We are delighted with this first EBRD investment in the Turkish residential and student housing sectors in partnership with Nef,' said Jean-Marc Peterschmitt, EBRD managing director for Industry, Commerce and Agribusiness. 'Turkey is one of Europe’s largest residential markets, with over 600,000 new homes sold every year. It is also Europe’s largest student housing market with over three million university students. This joint venture will help meet the demands for residential and student housing in Turkey.'
