Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Signed
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-14
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Timur Gayrimenkul Gelistirme Yapi Ve Yatirim A.S. (Nef)
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Construction
  • Infrastructure
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported Up to USD 60 million debt and equity commitment to
Converted using 2017-04-11 exchange rate.
Project Cost (USD): $ 120.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported USD 120 million
Converted using 2017-04-11 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-08-10
Disclosure Date: 2016-11-14
Nef Housing (Subordinated Loan)
EBRD-48713

Project Description
This project finances a joint venture with developer Timur Gayrimenkul Gelistirme Yapi Ve Yatirim A.S. (Nef) to invest in modern, sustainable and earthquake-proof developments and redevelopments of residential and student housing projects, with a focus on urban regeneration. The majority of the joint-venture's capital will be allocated to these redevelopment and regeneration projects.
Investment Description
The EBRD's investment is a blend of debt and equity. Green investment is the focus of this joint venture. Nef is a residential developer in Turkey established in 2007 by Mr. Erden Timur. Nef's hallmark is its unique Fold home concept, which represents a block of flats with common shared amenities (up to 24 different rooms including guest rooms, cinema, fitness centre, play station, karaoke, meeting rooms, kitchen / dining rooms, etc.) The joint venture will be managed by Intus Capital, a subsidiary of Nef.
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.
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