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Meridiam has reached financial close for the Yozgat Education and Research Hospital public private partnership (PPP) project in Turkey.
The project's funding includes an 18-year senior loan totaling €110 million (US$121 million) as well as equity investment by the shareholders in YZG Saglik Yatirim A.S., the project company formed to implement the Project. The project financing has been provided by Japan's Sumitomo Mitsui Banking Corporation and the Bank of Tokyo Mitsubishi, Germany's Siemens and Italy's Intesa San Paolo.
Following the firm's recent closing of the Adana Integrated Healthcare Campus in December, 2014, Yozgat is Meridiam's second such project in Turkey, and will be the first hospital PPP in Turkey to reach operations. Meridiam will design, build, finance, and operate the hospital, with a 24-month construction period followed by a 25-year operating period.
Commercial Close was achieved on August 26 2014 with the signature of the Project Agreement between Ministry of Health of Turkeyand the project company set up by Meridiam and its local partners.
The project will consist of a 475-bed hospital and associated technical and storage facilities. Designed as a single facility hospital, the project will help fulfill the growing demand for healthcare in the Yozgat area delivering a full range of healthcare services with state-of-the-art equipment in a single location thereby affording patients in the region efficient access to high quality healthcare.
Thierry Deau, Founder/Chairman, Meridiam.
"As Meridiam's second investment in Turkey, the Yozgat project reflects our continued commitment to the country as well as our confidence in the Ministry of Health's program to improve the quality of healthcare services for the Turkish people."