January 6, 2015
The €550 million project will create a major healthcare facility in Turkey’s fifth largest city.
International infrastructure fund Meridiam and construction company Ronesans have announced the close of the first healthcare Public Private Partnership project in Turkey, the Integrated Healthcare Campus project in Adana, Turkey, the fifth largest city in the country.
The €550 million PPP project will consist of a core building surrounded by four towers, spread over an area in excess of 250,000 square meters. Healthcare facilities in this new complex include a general hospital (584 beds), an oncology hospital (182 beds), a cardiovascular hospital (185 beds), a women and children's hospital (349 beds), a physical medicine and rehabilitation hospital (150 beds), as well as a forensic psychiatric hospital (100 beds). Designed as an integrated campus, the project will deliver a full range of healthcare services with state-of-the-art equipment in a single location thereby affording patients in the region efficient access to high quality healthcare.
The project company, ADN PPP Sağlık Yatirim A.S., was formed by Meridiam (40%), one of the leading international infrastructure funds in Europe, North America and Africa, Rönesans (40%), the largest construction company in Turkey, and by Turkish companies Sıla A.Ş. (6%), SAM (10%), and TTT (4%).
The project was financed on a limited recourse basis by European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), DEG, Proparco, Korean Development Bank, HSBC, BBVA, Siemens Bank, SMBC and Deutsche Bank.
Willkie advised the consortium formed by Meridiam, Ronesans and the other sponsors, and then the project company formed by them for two years with a team led by by partner Amir Jahanguiri and comprising special European counsel Michaël Armandou, associates Emilie Patoux, Roy Charles Bates and Cédric Gamambaye Dionmou on project finance aspects; national partner Gabriel Flandin and associate Basma Paradin on corporate aspects in Paris, and finance U.K. partner James Crooks in London.
