Turkey-based private equity manager Intus Capital closed a US$120 million partnership between the European Bank for Reconstruction and Development, or EBRD, and local developer Nef.

The EBRD and Nef delivered US$60 million each to the joint venture, which will be managed by Intus, the private equity manager said.

The funds are intended to build greenfield developments in Turkey's residential and student housing sectors.

Turkey offers a unique investment opportunity due to the country's rising population, increasing purchasing power of its middle class, availability of mortgages, rising student population and lagging supply, said Intus partner Bulent Kozlu.