The Project Company, Astra was founded in 2009 by Turkish entrepreneurs Mr. Ahmet Faralyali and Mr. Kaya Barutcuoglu. Mr. Faralyali has been a Partner of Mediterra Capital, a private equity firm focusing on investments in Turkey since 2009. Mr. Barutcuoglu has been actively developing residential and commercial buildings in Turkey since 2003. In 2010, the shareholders were joined by Milestone Capital Partners, an international, Istanbul-based investment company with a diversified portfolio in real estate and commercial properties. In 2013, Bati Isletme Yonetimi ve Danismanlik A.S. (“Bati Isletme”), a Turkish construction company acquired 25% of Astra, thereby contributing to the development of the project pipeline and bringing in development knowhow and capacity to the Company.

IFC is planning to invest up to [US$11m] in equity to help Astra develop its current pipeline of student housing projects in Turkey and to accompany the company’s transition from a single-dorm operator into an institutionalized multi-dorm chain.

10.27 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.27

* These investment figures are indicative

Astra is currently operating a student dormitory in the city of Afyon, Turkey and is currently building new facilities in Zonguldak, Sakarkya and Izmir. Additionally, Astra will continue to develop projects in other cities of Turkey depending on opportunities.

(i) Increase access by providing much needed education infrastructure in second tier cities, increasing access for students from out of city (especially female students) to attend these universities.
(ii) Provide value-added services to students including on-site training and career services which will enhance their post-graduation employability. (The company strives to establish links with local academic and local businesses to provide additional training and internship opportunities for students, to be better assessed at appraisal).
(iii) Lead to job creation and local supply linkages both during construction and operation of the student dormitories;
(iv) Demonstration effect to encourage other financial partners and strong sponsors for similar projects.

(i) Provide seed-capital equity funding otherwise not available for an asset class hitherto underserved in Turkey, which will allow the company to expand reach and achieve economies of scale.
(ii) Provide sanity check for the project through IFC''s due diligence and global sector knowhow, which is valued by the client.
(iii) Improve and monitor E&S, insurance and corporate governance standards, which will enhance the reputation and success of the operators and minimize risks.
(iv) Provide IFC''s experience and solutions for Green Buildings, which is of interest to the client from early on discussions.
(v) Potentially support regional expansion and replicate the concept in other markets where IFC could leverage its knowledge of, and experience in the education sector.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Education: Students Enrolled (#) and Graduated (#)	Enrollment (#)		Not Available	Not Available	Not Available
Organizational capacity and Management Programs(%)	Organizational capacity and Management Programs(%)		Not Available	Not Available	Not Available
Human Resources Policies and Procedures(%)	Human Resources Policies and Procedures(%)		Not Available	Not Available	Not Available
Occupational Health and Safety(%)	Occupational Health and Safety(%)		Not Available	Not Available	Not Available

This proposed investment is classified as a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects, as the environmental and social impacts of the project are limited, site-specific and can be minimized, avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria.



The key environmental and social risks of the project are; capacity of the ASTRA’s corporate environmental, social, occupational health and safety (ESOHS) management system to effectively manage ESOHS performance; permits and regulatory compliance; environment, health and safety practices during construction and operational phases; waste management particularly including construction waste; hazardous materials management; occupational health and safety including employee training and monitoring programs; contractors management; adequacy of human resources policy and practices; structural and life and fire safety;. ASTRA will implement ESOHS system; and effective implementation of this allied to the actions defined in the project Environmental and Social Action Plan (ESAP) will ensure environmental and social (E&S) risks and impacts are effectively mitigated.



As the existing and planned project sites are located in urban areas within the city center and/or within university campus areas and no indigenous people are known to be in the area or affected by the project, no issues have been identified in relation to PS6 andPS7. The Company will develop a formal chance finds protocol providing appropriate protection in the event of unexpected discovery of items of cultural heritage.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.