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
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 www.ifc.org.
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.