Eskisehir City Hospital has been selected as the Best Health Project in EMEA Region and Central & Eastern Europe Region under Turkey’s public-private partnership (PPP) model, developed by the Ministry of Health and advised by IPFA.

Financing of the PPP was secured by the Turkish conglomerate Akfen Holding under a project loan agreement consisted of a €344 million (US$380 million). The loan has been arranged with with local financial institutions Garanti Bank and Turkiye Is Bankasi with a back-payment option of 18 years. Akfen Insaat was selected as the preferred bidder for the project, beating out competition form eleven qualified firms. The project involves the development of the new facilities against a lease payment and provision of products and services for the hospital for 25 years.

The medical facility has a total capacity of 1,081 beds which will help fulfill the growing demand for healthcare in the Eskisehir area. Healthcare facilities in this new complex will include:

General Hospital,
Oncology Hospital,
Cardiovascular Diseases Hospital and
High-Security Forensic Psychiatric Hospital.

The Project Finance team advising was led by MD Sal Fischer and CFO, Senior PFI Consultant Yiorgos Andrianopoulos. They were both supported by VP Partner Renaud Niche along with PFI Associates Elias Christodoulou, Thomas Weaver and Eleni Maistre.

Yiorgos Andrianopoulos commented:

“We are very pleased to have advised this landmark medical project on a first ever large scale portfolio, which underlines the strategic importance of the Turkish medical market. Based on our long standing expertise in the hospital sector, we were able to provide tailor-made solutions to ensure this challenging and important transaction was completed on schedule”.

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