Willkie Advises Meridiam and Rönesans as the Main Sponsors of the Bursa Health Campus Project in Turkey

November 3, 2017

International infrastructure investor Meridiam and Turkish construction company Rönesans announce the signing and financial close of their fourth health PPP project in Turkey.

The international infrastructure investor Meridiam and the leading Turkish construction and services company Rönesans have announced the signing and the financial close of their fourth health public-private partnership project in Turkey, the Bursa Integrated Health Campus project.

The Bursa Integrated Health Campus project is one of several public-private partnership (PPP) projects launched by the Ministry of Health of the Republic of Turkey and was awarded to the project company BRS Sağlık Yatırım A.Ş. by the signing of a project agreement on June 19, 2015. Under the terms of this project agreement, BRS Sağlık Yatırım A.Ş. will undertake the detailed design, construction, equipment, financing, operation and maintenance, as well as the supply of facilities and equipment of the health campus. The provision of medical services will be under the responsibility of the Turkish Ministry of Health.

The capital expenditure of the project is financed through equity and quasi equity injections from the shareholders of BRS Sağlık Yatırım A.Ş. and by senior loans of more than €390 million made available on a limited recourse basis by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwicklungsgesellschaft MBH (DEG), Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO), Siemens Bank and Sumitomo Mitsui Banking Corporation (SMBC).

Willkie advised the consortium formed by Meridiam, Rönesans and the other project sponsors, and then the project company (as borrower) and its shareholders. The Willkie team was led by partner Amir Jahanguiri and included national partner Michael Armandou and associates Cédric Gamambaye Dionmou and Roy Charles Bates.