Meridiam reaches financial close for Adana hospital in Turkey

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Meridiam reaches financial close for Adana hospital in Turkey

Meridiam-led consortium has  reached financial close for the Adana Integrated Healthcare Campus PPP project, in the southern Turkish city Adana.

The project sponsor is a consortium composed by Ronesans Holding A.S., Ronesans Saglik Yatirim A.S., Meridiam Eastern Europe S.a.r.l, TTT Saglik Hizmetleri Egitim Insaat Sanayi Ticaret A.S., Sam Yapi Sanayi ve Ticaret Ltd. Sti., and Sila Dan??manl?k Saglik Bilisim ?n?aat Ticaret A.S.

The EBRD has played a key role in securing a €433 million long-term financing package for the project and it is the largest lender. The Bank is extending a €215 million financing facility under its A/B loan structure, with €115 million at 18-year maturity for the EBRD's own account and €100 million syndicated to commercial banks for 15 years.
Financing partners include the International Finance Corporation, the French development agency Proparco and the German development bank DEG, which together are mobilising €120 million in parallel financing. The project has also attracted five international commercial banks under similar terms.

The new facility has a total capacity of 1,550 beds which will help fulfill the growing demand for healthcare in the Adana area. Healthcare facilities in this new complex include:

  • a general hospital (584 beds),
  • an oncology hospital (182 beds),
  • a cardiovascular hospital (185 beds),
  • a women and children's hospital (349 beds),
  • a physical medicine and rehabilitation hospital (150 beds), as well as
  • a forensic psychiatric hospital (100 beds).

The consortium will design, build, finance, operate and transfer the Hospital, with a 36-month construction period followed by a 25-year operating period.

The €550 million (US$677.2 million) project will consist of a core building surrounded by four towers, spread over an area in excess of 250,000 square meters.

Thierry Deau, President and Founder of Meridiam, stated:

"The Adana Integrated Healthcare Campus represents an important transformational step forward in the development of Turkey's healthcare sector. We are extremely proud to be pioneer investors in the country's promising PPP market and bring our support, expertise, and strong track record to this historic milestone project."

In late October we published that the World Bank's Multilateral Investment Guarantee Agency (MIGA) had guaranteed Meridiam's investment in the project and in mid July we reported that the International Finance Corporation (IFC) was considering providing a €61.25 million loan for the project.

The healthcare system in Turkey is being developed under the Health Transformation Program which was initiated in 2003. Within the scope of the Health Transformation Program, the Ministry of Health  has planned to develop 30 Health Campuses in 22 provinces  to serve 29 health regions among Turkey.

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