ISTANBUL, Turkey, 14 August 2017 - Intus Capital today announced the closing of a US$ 120 million joint venture between EBRD, European Bank for Reconstruction and Development, and Nef, one of Turkey’s leading real estate developers in Turkey.
The joint venture will be managed by real-estate private equity firm Intus Capital. Based in Istanbul, Intus Capital is Turkey’s leading institutional real estate fund manager. The two investors EBRD and Nef are contributing US$ 60 million each.
The JV is focused on greenfield developments in growth segments, residential and student housing. It will be investing in modern, earthquake-proof and energy-efficient property, promoting urban regeneration and greener standards in the Turkish construction sector.
Bulent Kozlu, Partner at Intus Capital, said: “We are excited to establish this partnership between the EBRD, one of Europe’s most reputable institutional investors, and local sector-leader Nef. 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.”
Erden Timur, Founder of Nef and Partner at Intus Capital, said: “We are pleased to begin this long-term partnership with the EBRD and continue investing in Turkey’s future. This is an important vote of confidence in our economy and its long term-growth. Nef is Turkey’s leading brand in residential real estate development, and we are proud to also lead the sector in attracting international institutional investors. The EBRD’s track record of successful partnerships gives us confidence in our joint success. We look forward to building exemplary projects throughout Turkey together.”
Jean-Marc Peterschmitt, EBRD Managing Director for Industry, Commerce and Agribusiness, commented: “We are delighted with this first EBRD investment in the Turkish residential and student housing sectors in partnership with Nef. 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.”