We are co-financing the construction of a hi-tech hospital in south-eastern Turkey that forms part of a major Turkish government programme to expand the provision of quality hospital infrastructure in the country. Our €215 million syndicated loan and €65 million notional interest rate swap was extended to private developer ADN PPP Sağlık Yatırım.
The company will design, build, equip and manage the Adana hospital campus under the public-private-partnership (PPP) model. Clinical services inside the PPP hospital will remain the responsibility of Turkey’s Ministry of Health.
The company is owned by a consortium of Turkish and international firms, including the biggest Turkish construction company, Rönesans Holding, and the private equity fund Meridiam in which the EBRD is an investor. As well as being the largest lender, we played a key role in securing a total of €433 million in long-term financing for the project, including €120 million in parallel financing from the International Finance Corporation, the French development agency Proparco and the German development bank DEG.
Adana hospital is one of the first to be built under a €12 billion Turkish government programme to construct or expand about 60 hospitals across the country. By tapping the know-how and resources of the private sector through the facility-management PPP model, the programme aims to build hospitals more quickly and manage them more efficiently than in the past.
The hi-tech hospital will accommodate 1,550 beds
€433 million in long-term financing for the project