October 17, 2022

Willkie recently advised the borrower and its shareholders in the successful restructuring of the equity and senior financing of the Gaziantep Integrated Health Campus public-private partnership (PPP) project in Turkey, along with the restructuring of all project-related documentation.

The Gaziantep Integrated Health Campus PPP project, one of several PPP projects launched by the Republic of Turkey’s Ministry of Health, will be the largest healthcare facility in southeast Turkey, with a capacity of 1875 beds.

The deal originally closed in 2018 but the project has faced a combination of cost increases, construction delays and adverse macro-economic changes that were exacerbated by the Covid-19 pandemic.

Leading Turkish construction and services group Rönesans is a new sponsor of the project and subsidiaries of the group will undertake both the construction and the operation and maintenance of the Gaziantep Health Campus.

The project will benefit from the expertise of the Rönesans group, which has successfully built and currently manages a portfolio of five hospitals in Turkey. It will be financed through equity and quasi-equity injections from its sponsors and from senior loans made available on a limited recourse basis by the European Investment Bank, the European Bank for Reconstruction and Development, Korean Export Import Bank, and Korean Trade Insurance Corporation.

The Willkie team was led by partner Amir Jahanguiri and included associates Kenza Alexandra Bentaibi, Shimei Li and Jules Soboul.