Meridiam reaches financial close for its first project in Turkey: The Adana Integrated Healthcare Campus Project is Turkey's First Public Private Partnership
PARIS, Dec. 18, 2014 /PRNewswire/ -- Meridiam, a leading global infrastructure firm, has announced that it has reached a historic financial close for the Adana Integrated Healthcare Campus Project, its first project in Turkey. Together with its partners, it will design, build, finance, operate and transfer the Hospital, with a 36-month construction period followed by a 25-year operating period. The € 550 million Project will consist of a core building surrounded by four towers, spread over an area in excess of 250,000 square meters.
The Commercial Close was achieved on August 26 2014 with the signature of the Project Agreement between Ministry of Health of Turkey and the Project Company set up by Meridiam and its local partners. The 36-month construction period will be followed by a 25-year operating period.
An integrated campus offering high quality health services
This project, the first PPP to reach financial close in Turkey, has a total capacity of 1,550 beds which will help fulfill the growing demand for healthcare in the Adana area. Healthcare facilities in this new complex include a general hospital (584 beds), an oncology hospital (182 beds), a cardiovascular hospital (185 beds), a women and children's hospital (349 beds), a physical medicine and rehabilitation hospital (150 beds), as well as a forensic psychiatric hospital (100 beds). Designed as an integrated campus, the project will deliver a full range of healthcare services with state-of-the-art equipment in a single location thereby affording patients in the region efficient access to high quality healthcare.
The Project fully meets Meridiam's ESG Requirements as well as IFC Performance Standards (PSs) (2012), the EBRD Performance Requirements (PRs) (2008) and related World Bank Group Environmental, Health and Safety (EHS) Guidelines in terms of Environmental and Social Issues.
Meridiam and the Turkish PPP Healthcare Program
Leveraging its depth of experience and successful track record in PPP financing across Europe and North America, as well as its strong relationships with international banks and financial institutions, Meridiam was able to close the first project in Turkey's PPP Healthcare Program and become the first global investor and asset manager to invest in the Turkish PPP market. The Adana Hospital project represents an important milestone in the transformation of Turkey's healthcare sector to improve healthcare services and facilitate greater access for the Turkish population in line with international standards.
Members of the project company formed to implement the project, ADN PPP Saglik Yatirim A.S., include Meridiam (40%), Ronesans (40%), Sıla A.S. (6%), SAM (10%), and TTT (4%).
Long-term financing
The closing also represents a milestone for the local project finance market, bringing together development institutions such as EBRD and IFC as well as global commercial banks for debt financing over long-term tenors.
"The Adana Integrated Healthcare Campus represents an important transformational step forward in the development of Turkey's healthcare sector. We are extremely proud to be pioneer investors in the country's promising PPP market and bring our support, expertise, and strong track record to this historic milestone project," said Thierry Deau, President and Founder of Meridiam.
About Meridiam
Founded in 2005, Meridiam is an independent investment firm specialized in the development, financing, and management of long-term public infrastructure projects. With offices in Paris, New York, Toronto and Istanbul, Meridiam is the leading investor in public infrastructure in Europe and North America. Currently managing €2.8 billion ($3.5 billion) of assets, the firm has to date invested in 33 projects. Designated Global Infrastructure Fund of the Year for the third time in 2012, Meridiam was also the first investor and asset manager to receive ISO 9001 certification. Meridiam is a founding member of the Long Term Infrastructure Investors Association.
To learn more: www.meridiam.com
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SOURCE Meridiam
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