Private equity firm the Abraaj Group is partnering with BLG Capital to invest in Republika Academic Apartments as a means of capitalizing on the under supply of student housing in Turkey.
The buildings are located in Irtakoy and Buyucekmece, in Turkey, and are used as student, young professional and apartment-hotel accommodations. The buildings also include cafes, restaurants, a pool, gym, study and game room. Terms of the investment were not disclosed.
BLG, a Turkish investor, developed the buildings.
London-based Abraaj invests in the developing markets of Asia, Africa, Latin America and the Middle East. Abraaj is considered the Middle East’s largest private equity firm, with $7.5 billion in assets and more than 31 offices.
In June, Abraaj agreed to buy Ghana-based Fan Milk International, which manufactures and distributes dairy products and juices. In January, the firm invested in Vine Pharmaceuticals, a Ugandan pharmacy chain.
For more on Abraaj’s investments in Turkey, see “10 Emerging Markets to Watch.”