Intus Capital closes on $120m for real estate JV in Turkey
Intus Capital has announced the closing of a $120 million joint venture between EBRD, European Bank for Reconstruction and Development, and Nef, one of Turkey’s leading real estate developers.
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 $60 million each.
The joint venture 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.
“We see attractive opportunities in Turkey’s residential and student housing markets,” said Bulent Kozlu, partner at Intus Capital. “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.”
“Turkey is one of Europe’s largest residential markets, with over 600,000 new homes sold every year,” said Jean-Marc Peterschmitt, EBRD managing director for industry, commerce and agribusiness. “It is also Europe’s largest student housing market with over 3 million university students. This joint venture will help meet the demands for residential and student housing in Turkey.”