Global law firm White & Case LLP has advised the lenders, including international financial institutions International Finance Corporation, European Bank for Reconstruction and Development, DEG, Proparco and Korea Development Bank, and a syndicate of commercial banks including BBVA, SMBC, HSBC, Siemens Bank and Deutsche Bank, on the €550 million financing of an integrated healthcare campus public-private partnership (PPP) in Adana, Turkey.
The consortium in charge of financing, design, construction and operation of the new campus includes, notably, global investor and asset manager Meridiam and Rönesans, which is focused on construction, real estate investment, energy generation, health and education. It is the first social infrastructure PPP project in Turkey to reach financial close.
The signing ceremony, which took place on December 19, 2014, was attended by the Turkish Minister of Health and ADN PPP Healthcare Investment, the project company whose shareholders are Meridiam, Rönesans, Sila A.S, SAM and TTT.
Following 36 months of construction, the project company will operate the health campus for a 25 year period. It will have a total capacity of 1,550 beds and state-of-the-art equipment to meet the growing demand for medical care in southern Turkey, and to facilitate the population's access to healthcare.
The project fully meets EBRD's performance criteria and social and environmental guidelines of the World Bank. It is a part of the medical infrastructure modernization campaign in Turkey, with plans to create at least 24,000 hospital beds in the years ahead through public-private partnerships.
The White & Case team which advised on the transaction included partners Jacques Bouillon, Victoria Westcott (both Paris) and Çağdaş Evrim Ergün (Ankara) with support from associates Craig Steinberg, Elaine Porter, Kimberly Haughton , Olivier Le Bars, Charlène Ntsiba (all Paris), Nigar Gökmen and Naz Bandik (both Ankara).
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