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Turkey’s Izmir Bayrakli Integrated Health Campus PPP has reached financial close.

As we reported in October 2016, the European Bank for Reconstruction and Development (EBRD), Export Development Canada (EDC) and the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, co-financed the development of the project.

As part of the financing package, the EBRD has arranged a €298.6 million (US$324.8 million) syndicated loan under its A/B loan structure, with €85 million (US$92.5 million) for the Bank’s own account and €213.6 million (US$232.4 million) syndicated to UniCredit S.p.A., Industrial and Commercial Bank of China Ltd Dubai Branch and Intesa Sanpaolo S.p.A.

OPIC of the United States and EDC of Canada are providing parallel financing of US$250 million and €65 million (US$70.7 million), respectively. This is the first health care PPP project financing in Turkey to involve co-financing by these two institutions.

The Izmir Bayrakli hospital will be designed, built, equipped and managed by the private developer Izmir Bayrakli Hastane Yatirim Ve Saglik Hizmetleri A.S, a joint venture between global industrial company GE and Turkish corporations GAMA Holding A.S. and Türkerler Insaat.

The project located in Izmir, Turkey’s third largest city, has a a total investment of €769.6 million (US$837.3 million). Approximate €589 million of debt has been arranged for the project.

The new health complex will span several buildings and have a total of 2,060 beds, providing better hospital facilities for the city and the region. Under a 28-year concession, the buildings will be leased to Turkey’s Ministry of Health. The private developer will act as facilities manager, providing building maintenance and non-clinical services, while medical services will remain the remit of the Ministry of Health. The hospital is expected to become operational in 2019.

The Izmir Bayrakli hospital will be designed, built, equipped and managed by the private developer Izmir Bayrakli Hastane Yatirim Ve Saglik Hizmetleri A.S, a joint venture between global industrial company GE and Turkish corporations GAMA Holding A.S. and Türkerler Insaat.

In March, Kocaeli PPP Integrated Health Campus, developed by Kocaeli Hastane Yatirim ve Saglik Hizmetleri A.S, a joint venture between GE, GAMA Holding A.S. and Türkerler Insaat, reached financial close. The EBRD, EDC and OPIC also financed the development of a €375.75 million (US$407.75) high-tech hospital