Turkey: Esin Attorney Partnership Acts On First Turkish PPP To Reach Financial Close
Last Updated: 30 January 2015

Istanbul, Turkey, 7 January 2015 – Baker & McKenzie and Esin Attorney Partnership, a member firm of Baker & McKenzie, advised a group of commercial lenders on the €541 million Adana Integrated Healthcare Campus Project, one of Turkey's first Public Private Partnership (PPP) hospital projects to reach financial close.

The project will see Meridiam, a leading global infrastructure firm, and Rönesans, 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.

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 centre.

Baker & McKenzie advised Siemens Financial Services, HSBC, Korea Development Bank and BBVA on their participation in the EBRD and IFC B Loan programmes. Global head of project finance Calvin Walker led the team, assisted by associate Luka Lightfoot in London and partner Muhsin Keskin in Istanbul.

"The Adana project is a milestone PPP and is a template for financing the modernisation of the country's healthcare sector," said Mr. 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."

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%).

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