Baker & McKenzie and the Esin Attorney Partnership, its Turkish arm, have advised a group of commercial lenders on the EUR 541 million Adana Integrated Healthcare Campus Project, one of Turkey's first Public Private Partnership (PPP) hospital projects to reach financial close. Willkie Farr & Gallagher advised the sponsors and White & Case acted for the overall lender group.
The project will see Meridiam, a leading global infrastructure firm, and Ronesans, a major Turkish construction group, design, build, finance, operate and transfer the hospital with a 36-month construction period followed by a 25-year operating period. According to a statement released by the Esin Attorney Partnership, “the integrated campus will offer high quality health services, with a total capacity of 1,550 beds which will help fulfill the demand for healthcare in the Adana area. Adana, in southern Turkey, is the country's fifth largest city and a major agricultural, industry and commercial center."
Baker & McKenzie advised Siemens Financial Services, HSBC, Korea Development Bank, and BBVA on their participation in the EBRD and IFC B Loan programs. Global head of project finance Calvin Walker led the team, assisted by Associate Luka Lightfoot in London and Partner Muhsin Keskin and Associate Erdem Sismangil in Istanbul.
"The Adana project is a milestone PPP and is a template for financing the modernization of the country's healthcare sector," said Walker. "The combination of development finance from EBRD and IFC with commercial bank lending over the tenor required for developments of this scale bodes well for the project finance market in Turkey."
Esin Attorney Partnership Partner Muhsin Keskin stated that, “these projects will contribute to more efficient provision of public services and more effective allocation of public resources and government expertise, thus paving the way to the realization of the Vision 2023."
Members of ADN PPP Saglik Yatirim A.S., the project company formed to implement the project, include Meridiam (40%), Ronesans (40%), Sila A.S. (6%), SAM (10%), and TTT (4%).
The White & Case team which advised on the transaction included Paris-based Partners Jacques Bouillon and Victoria Westcott and Ankara-based Partner Cagdas Evrim Ergun with support from Associates Craig Steinberg, Elaine Porter, Kimberly Haughton, Olivier Le Bars, Charlene Ntsiba (all Paris), Nigar Gokmen and Naz Bandik (both Ankara).
Image source: pppadanahastanesi.com
