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Sociedad Concesionaria Metropolitana de Salud, a company owned by the Italian construction company Astaldi, has recently announced that it has achieved financial close for the Santiago Occidente Metropolitan hospital PPP project in Santiago (Hospital Félix Bulnes) in Chile.

The concession contract, which was awarded in June 2014, includes the design, build, financing, operation of commercial and non-medical services and maintenance for a period of 20 years with 52 months for construction activities and 15 years for operation activities. The contract also includes the supply and maintenance of electromedical equipment and furniture.

The hospital, which was severely damaged during the 8.8-magnitude earthquake that struck the country's central-southern regions in February 2010, will have 10 floors and will offer 523 beds and 599 car parks for a total surface area of 120,000 square meters.

BBVA, Itaú Corpbanca and Santander have agreed to provide a US$262 million 12-year loan. 

Santander and BBVA have also acted as financial advisors on the deal. Local legal advisors were Morales & Besa Abogados for the banks, and Baraona Abogados for Astaldi. International legal advisors to the lenders were DLA Piper and Grimaldi Law.

The project is part of MOP's hospital concessions program tendered between 2010 and 2014, with total investment reaching US$2.2 billion. The program included capital Santiago's Salvador Geriatric Hospital, Félix Bulnes, Sótero del Río and Puento Alto hospitals; region VII's Curicó and Linares hospitals; region VIII's Chillán hospital; and region V's Provincial de Marga-Marga and Biprovincial de Quillota-Petorca hospitals.