News / MegaProject 930: New investor joins sponsors of Gaziantep hospital PPP

MegaProject 930: New investor joins sponsors of Gaziantep hospital PPP

🕔 May 18, 2017
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A Samsung C&T-lead consotium have raised additional equity for the Gaziantep PPP Integrated Health Campus in Turkey, and now expect to reached financial close by the end of June 2017.

Private Equity Investment Fund (PEIF), backed by InfraPartners Management (IPM), has invested €60 million (US$67 million) on behalf of Korean investor KDB Infrastructure Investments Asset Management (KIAMCO).

The project is owned by Samsung C&T Corporation, Kayi Insaat Sanayi ve Ticaret A.S.Salini Impregilo S.p.A. and a Page 3 private equity investment fund (PEIF). Turkey's Ministry of Health, which had launched the tender in May 2011, awarded the project to the consortium in November 2012.

The project includes the design, construction equipment, and maintenance of Gaziantep PPP Integrated Health Campus, with 1,875 beds. 

The total project costs are estimated at €600 million (US$670 million).

Last September, we reported that Korea Eximbank had provided €143 million (US$159 million) in direct loans and loan guarantees for the project. An amount of €71 million (US$79.7 million) was directly lent to the project itself and €72 million (US$80.8 million) was provided in guarantees on various forms of financing deals that Korean financial institutions forged with the project developer. It is the first time that the bank finance an overseas hospital construction project.

Financing partners also include Korea Trade Insurance Corp., the European Investment Bank and the European Bank for Reconstruction and Development (EBRD).  

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