Nef Housing (Subordinated Loan)



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

14 Dec 2016



PSD disclosed:

14 Nov 2016

Translated version of this PSD: Turkish

Project Description

Up to USD 60 million contribution to a joint venture with a leading Turkish developer Timur Gayrimenkul Gelistirme Yapi ve Yatirim Anonim Sirketi, or Nef. The EBRD's commitment will be a blend of debt and equity.

The joint venture will invest in modern, highly sustainable and earthquake-proof developments and redevelopments of residential and student housing projects in Turkey, with a focus on urbanregeneration.

Project Objectives

The joint venture will allocate the majority of its capital to redevelopment and regeneration projects, addressing Turkey's key priority of replenishing and regenerating its existing old stock.

All assets will be developed in accordance with high sustainability standards, with the design incorporating specifications required to achieve Leadership in Energy and Environmental Design (LEED) Gold certification.

Transition Impact

The project's primary transition impact derives from strong sustainability and a green investment focus of the joint venture, which will be at the core of its investment activity.

The company will be committed to comply with the highest sustainability standards under LEED, with 100 per cent of the sub-projects targeted for LEED Gold certification.

Client Information

Timur Gayrimenkul Gelistirme Yapi Ve Yatirim A.S. (Nef) incorporated in Turkey.

Nef is a leading 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.). Nef's development track record includes over 25 projects with over 1 million sqm.

The joint venture will be managed by Intus Capital, a subsidiary of Nef.

EBRD Finance Summary

Up to USD 60 million debt and equity contribution to a newly formed joint venture with Nef.

Total Project Cost

USD 120 million

Environmental and Social Summary

Categorised B (2014 ESP).  Environmental and social issues associated with the property investment framework are readily identified and addressed by adequate environmental and social risk management procedures. Environmental and social due diligence (ESDD) for the project was based on the reviews of two sets of environmental and social questionnaires, follow up questions to the Company relating to the overarching Health, Safety and Environment (HSE) management arrangements for the potential subprojects as well as a third party review of labour issues associated with existing construction activities. An Environmental and Social Action Plan (ESAP) has been agreed and will be monitored by the EBRD.

ESDD showed that the Company is compliant with national HSE requirements. The Company implements HSE procedures at each construction site, and the Company’s HR policy is in line with PR2. The labour review found that construction workers were registered with social security which was confirmed by a review of documentation and interviews with workers. The Company has detailed internal procedures and policies regarding labour rights and applications. The ESAP includes further clarity on subcontractor management.

All the new sub-projects of the joint venture will include seismicity standards, which the government has aligned with the standards of the EU’s Eurocodes. Turkey developed a regulatory framework to promote energy efficiency in line with the provision of the EU Building Directives, and sub-projects will reflect LEED Gold certification (80% of the subprojects) to ensure energy efficiency, resource efficiency and adequate environmental management in line with good international practice.  Land acquisition is not associated with involuntary resettlement, and sites will be reviewed prior to selection for environmental and social issues.  Fire and life safety requirements will be included in the planning of subprojects. 

The ESAP includes environmental and social management systems to address contractor management, labour standards, stakeholder engagement, including a grievance mechanism, and issues such as traffic management, influx of workers, identification of vulnerable groups, and other areas specific to a particular site.  The EBRD will have regular reporting on the project performance, including implementation of the ESAP. 

Technical Cooperation

Technical Cooperation funds may be provided under regional frameworks for resource efficiency for corporate projects. The technical assistance will be related to energy and resource efficiency opportunities.

Company Contact Information

Bülent Kozlu
+90 (212) 386 9200
F: +90 (212) 325 1041
Is Kule 2 Kat: 3 Levent Besiktas 34330 Istanbul, Turkey

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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