PARIS, June 2, 2015 /PRNewswire/ — Meridiam, a leading global investor and asset manager specializing in public and community infrastructure, announced today that it has reached financial close for the Yozgat Education and Research Hospital Project. Following the firm’s recent closing of the Adana Integrated Healthcare Campus in December, 2014, Yozgat is Meridiam’s second such project in Turkey, and will be the first hospital PPP in Turkey to reach operations. Meridiam will design, build, finance, and operate the Yozgat Hospital, with a 24-month construction period followed by a 25-year operating period.
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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 24-month construction period will be followed by a 25-year operating period.
The project will consist of a 475-bed hospital and associated technical and storage facilities, and is expected to become the first project to reach operations in Turkey’s PPP Healthcare Program. Designed as a single facility hospital, the project will help fulfill the growing demand for healthcare in the Yozgat area delivering 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’s Performance Standards (PSs) (2012), the EBRD Performance Requirements (PRs) (2014) and related World Bank Group Environmental, Health and Safety (EHS) Guidelines.
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 an all-international commercial bank financing for the Project, a first for the Turkish PPP Healthcare Program. Yozgat 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.
“As Meridiam’s second investment in Turkey, the Yozgat Project reflects our continued commitment to the country as well as our confidence in the Ministry of Health’s program to improve the quality of healthcare services for the Turkish people,” said Thierry Deau, Founder/Chairman, Meridiam.
The closing also represents another landmark financing for Meridiam in the local project finance market, bringing together for the first time an all international commercial bank long term financing. The project’s funding includes an 18-year senior loan totaling EUR110m as well as equity investment by the shareholders in YZG Saglik Yatirim A.S., the project company formed to implement the Project.
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 a leading investor in public infrastructure across Europe and North America. Currently managing EUR3.2 billion ($3.8 billion) of assets, the firm has to date invested in 40 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 for its responsible investment process. Meridiam is a founding member of the Long Term Infrastructure Investors Association.
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SOURCE Meridiam
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