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IFC Investment Supports Affordable Housing for Turkish Students

Istanbul, Turkey, December 25, 2013— IFC, a member of the World Bank Group, is investing in Astra Yapi, a leading operator of student dormitories, as part of an effort to provide modern, affordable housing to Turkish university goers.
The investment will give IFC a 20 percent stake in the firm and help Astra Yapi accelerate plans to build dorms in the cities of Afyonkarahisar, Sakarya, Izmir, and Zonguldak. Student housing is especially important in Anatolia, where almost 90 percent of pupils go away to university. In addition to dorm beds, Astra Yapi provides students with transportation, career counseling, and athletic facilities. IFC’s investment is part of a wider effort to encourage economic development in Turkey by supporting the country’s education system.
“It is very important for us to have an internationally-recognized institution like IFC supporting Astra Yapi through an equity investment,” said Kaya Barutcuoglu, an Astra Yapi board member. “Astra Yapi has become a trendsetter for private dorms in Afyonkarahisar and we plan to achieve the same in other cities in Turkey.”
The company, which operates under the Uni-yurt brand name, now houses 2,000 students. It is planning to increase that number to 6,000 by 2015 and 20,000 by 2019.
“Access to safe and affordable student accommodation is crucial for students in Turkey, where almost every city has a university,” said Guy Ellena, IFC Director for Manufacturing, Agribusiness, and Services in Europe, the Middle East, and North Africa. “At the same time, businesses like Astra Yapi can have a real impact as they expand and attract other private investors to the sector.”    
IFC has been investing in Turkey’s private sector for nearly 50 years. In the 2013 fiscal year, IFC delivered a record $985 million in 20 projects supporting exports, smaller businesses, renewable energy, and the healthcare, education  and infrastructure sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information please visit .
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About Astra Yapi
Founded in 2008, Astra Yapi is a leader in private student dormitory operations under the Uni-yurt brand. With dormitory investments in Afyon, Sakarya, Izmir and Zonguldak, Astra Yapi continues to grow, with investments exceeding 100 million Turkish lira. The company’s mission is to provide its guests with opportunities for self-development along with accommodation.