High-tech healthcare campus in Ankara lures nearly 500 million euro investment

ANKARA

The European Bank for Reconstruction and Development (EBRD) has said together with other development banks and commercial lenders it is providing a financial package of 494.5 euros ($592.5 million) for the design, construction, equipment and maintenance of a new healthcare campus in the Turkish capital of Ankara.

In a statement on Dec. 29, the bank said the campus will span several administrative buildings and state-of-the-art research laboratories affiliated with the Turkish Health Ministry.

“The first of its kind, the new facilities will respond to the ever-growing need for new, emerging medical technologies that are transforming healthcare and providing benefits for both patients and healthcare professionals,” read the statement.

Under its A/B structure, the EBRD is providing 75 million euros on its own account, while 35 million euros are being syndicated to UniCredit and 14.5 million euros to Siemens Bank, according to the statement.

Other lenders include the Black Sea Trade and Development Bank with a syndicated loan of 65 million euros, the Islamic Development Bank with syndicated financing of 175 million euros, the Development Bank of Austria with a 30 million euro loan, the ECO Trade and Development Bank with 15 million euros, and the Islamic Cooperation for the Development of the Private Sector with 25 million euros. QNB Finansbank is contributing 75 million euros, read the statement.

“The EBRD is pleased to be able to support the first private company to work with the government on leading-edge medical research infrastructure. We are proud to have been able to attract financing from both development banks – including the Development Bank of Austria and the ECO Trade and Development Bank for which this is the first such project in Turkey – and commercial lenders alike. We are confident this comprehensive financing package will boost medical innovation in Turkey for the benefit of all,” said Arvid Tuerkner, EBRD managing director for Turkey.

The new facilities will be built and maintained by CCN Yatırım Holding, while Turkey’s Health Ministry will conduct research activities under a public-private partnership (PPP) model.

CCN Yatırım Holding is a key private hospital developer in Turkey and is the sole investor in two other healthcare PPP campuses, with a total bed capacity of 5,000.

The project is part of the government’s program to build and expand hospitals across the country in collaboration with the private sector.

Since 2015, the EBRD has financed nine large-scale hospitals developed under the private-public model across Turkey, adding almost 14,000 hospital beds for the wellbeing of all in the country.