Abraaj invested alongside Turkish institutional investor BLG Capital.
Republika Academic Apartments has two properties located in Ortakoy and Buyucekmece totalling 1,274 beds.
Abraaj said it is looking to capitalise on strong demand for higher education due to Turkey’s young and growing population and increasing household income.
Abraaj partner Selcuk Yorgancioglu said, “I am delighted that Abraaj’s on-the-ground presence and strong local connections in Turkey have enabled us to identify and acquire a substantial stake in Republika.
“Our position as a trusted and valued investor in growth markets has resulted in a mutually beneficial partnership with a respected institutional player.
Abraaj’s recent deals in Turkey included the exit from health insurance company Acibadem Sigorta, which was acquired by Malaysia’s state-backed investment fund Khazanah Nasional Berhad.
Earlier this week Abraaj and CDC invested $17.5m in Indian paediatric and maternity healthcare business Rainbow Hospitals.
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