Paksoy is reporting that it has advised GE Healthcare on its entrance into two Public Private Partnership (PPP) projects with GAMA Holding A.S. and Turkerler Insaat A.S. with the Turkish Ministry of Health: The Izmir Bayrakli Integrated Healthcare Campus Project and the Kocaeli Integrated Healthcare Campus Project. The two projects are collectively valued at approximately USD 1.3 billion. White & Case and its Turkish arm, the Cakmak-Gokce Law Offices, and its former associated partner firm in Ankara, the Cakmak Law Offices, represented the Gama Holding-Turkerler Insaat consortium and Freshfields Bruckhaus Deringer and Herguner Bilgen Ozeke advised the lenders on the Izmir project.
Speaking of the Izmir project, White & Case reports that "Gama Holding – Turkerler Insaat and GE are the shareholders of the joint venture company that has developed and will operate the project, which at 2,060 beds is one of the biggest hospitals in Turkey’s healthcare PPP program." Financing for the Izmir project was provided by the Overseas Private Investment Corporation (OPIC), the EBRD, and Export Development Canada (EDC). There seems to be some disagreement about the amount of financing involved, as Paksoy is reporting that the lenders "provided financing of approximately USD 668 million," and White & Case reported that "the Izmir project involves EUR 769.6 million financing."
The Paksoy team on the two projects was led by Partner Zeynel Tunc, supported by Senior Associate Selin Barlin Aral.
Neither Freshfields nor Herguner Bilgen Ozeke responded to our inquiries on the matter.