Bio Istanbul is a biomedical development project over an area of 200 hectares (2,000,000 sqm) near Istanbul International Airport–‐ in partnership with the Turkish Government and a group of leading development executives.

This ecologically responsible community will consist of a world-class pediatric research hospital; biomedical research center and innovation campus; university; all through K-12 school; performing arts center; retail zone with restaurants, cafes, and shopping; commercial office space; and a low-density residential area with 6,000 units that have views of the naturally landscaped terrain.

In 2011, one of the largest US investment banks and a group of minority holders have invested through a convertible instrument of $207mn that has been used to invest in completing the land purchase, setting up the sale unit and kick off the planning and construction work.

Sales are on target with $25mn since mid-2013. Construction work will be awarded in Q2, 2014 for phase 1 for first delivery in Q3, 2015. Total sales will be in excess of $2.2bn for a total infrastructure and construction cost of $1.4bn.

The Company has top caliber management with Ivy League education and a cumulative 150-year expertise in construction, finance and the healthcare industries in US, Europe and the GCC.

Transaction:
Management has decided to buy back the outstanding convertible notes, and invite interested parties to subscribe to a capital increase through a preferred share instrument that will help financing the buy back and complete the phase 1 of the development.

The Offering is $150mn Preferred Shares at 5% yield for a period of 4 – 5 years.

Assumed value at exit is $400mn. Unlevered IRR is 25%. Subscribers will have 3 out of 7 board seats and will own 50% of the Company. Of the Project, the Company will own 55% while the Turkish government will own 45%.

Further details may be provided subject to signing an NDA.