Meridiam seeks investment guarantee for Turkish hospital

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Meridiam seeks investment guarantee for Turkish hospital

Meridiam has asked the World Bank's Multilateral Investment Guarantee Agency (MIGA) to provide an investment guarantee for the Yozgat Education and Research Hospital in Turkey.

The total project investment is estimated at TRY275 million (US$107.9 million). Meridiam is seeking MIGA guarantees of €40 million (US$44.54 million).

The project sponsors are a consortium of Meridiam and three Turkish companies, Ronesans Holding, Sila Group and Sam Yapi Sanayi ve Ltd.

The total project footprint is 128,000 m2 and consists of the construction of a hospital with 475 bed capacity occupying 82,600 m², a 41,148 m² car park area, and technical area occupying 4,370 m². Relevant commercial activities could be developed within the hospital campus.

The project involves the design, construction, finance, maintenance, and management of the facilities and the provision of medical support services during a period of 25 years. At the end of the project's operating period, the facilities will be transferred to the Turkish Ministry of Health (MoH).

The Yozgat Project is part of the Turkish Health Public-Private Partnership Program (PPP Program) developed by the Turkish Ministry of Health (MoH) to increase capacity of public hospital infrastructure in the country. In the specific context of Yozgat, the Project could increase the capacity of health services by approximately 40% for the region.

MIGA has previously supported the PPP Program by issuing a guarantee to Meridiam for its investment in the Adana Integrated Health Campus. The EBRD has also played a key role, it has securing a €433 million long-term financing package for the project and it is the largest lender.

Last month Akfen Insaat closed financing for the Turkish Eski?ehir City Hospital PPP project. Bankasi, one of Turkey's largest private lenders, provided a US$230 million loan to develop the city hospital. The new facility will have a total capacity of 1,081 beds.

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