Astra Dorms

completed

The proposed project is an equity investment of up to US$11m equivalent to support the development of high-quality student housing in Turkey by ASTRA (“the Company”), a development and management company for student housing in Afyon, Sakarya, Izmir and Zonguldak cities in Turkey. ASTRA was founded in 2009 and is 37.5% owned by Milestone Capital Partners L.P. and 62.5% by 2 local entrepreneurs, who have 37.5% and 25% shareholdings.ASTRA set up its first dormitory in 2011 in Afyon which has 2,000 beds under operation. An additional expansion of 800 beds is planned for 2015 in Afyon –the Uniyurt Dorm expansion. With the proposed project, ASTRA plans to add 4,000 beds through expansion in Afyon and new dormitories in Sakarya, Izmir and Zonguldak. The Sakarya dormitory is planned to be operational by the end of 2013 with 1,000 beds, while the Izmir and Zonguldak dormitories are expected to be completed in 2014 with approximately 500 and 1700 beds respectively. The buildings would also be used for summer activities such as study camps, sport tournaments, and for non-academic training (IFRS, SAT, TOEFL, SAP etc.). ASTRA will provide services to its students including shuttle to campus and to city center, free internet, laundry, security, cleaning and recreational facilities.