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Turkey's Gaziantep health campus PPP project has achieved financial close.

Gaziantep Hastane Sağlık Hizmetleri İşletme Yatırım A.Ş., which was established as a consortium of KAYI, Samsung C&T Corporation and Salini Impregilo SpA, signed the financial close equivalent to €480 Million on December 2016. 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).

Few days ago, we informed that Private Equity Investment Fund (PEIF), backed by InfraPartners Management (IPM), had invested €60 million (US$67 million) on behalf of Korean investor KDB Infrastructure Investments Asset Management (KIAMCO).

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).