Freshfields advises a group of lenders on the €1.1bn restructuring, development, construction, maintenance and operation of the Ankara Etlik Integrated Health Campus.
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised the Lenders (including: EBRD, SACE, DEG, IFC, the Black Sea Trade and Development Bank, Intesa Sanpaolo, Barings, Crédit Agricole CIB, Deutsche Bank and UniCredit, Akbank, Isbank and the Turkish Industrial Development Bank) on the €1.1bn restructuring of one of the largest Turkish health PPP projects in the market, the development, construction, maintenance and operation of the Ankara Etlik Integrated Health Campus.
The Etlik project will comprise 11 different buildings with a total capacity of 3,566 beds.
The project faced a combination of cost increase, construction delays and adverse macro-economic changes since the deal originally closed in 2015. The project required the simultaneous implementation of a variation to the works and implementation of new regulations issued by the Turkish Ministry of Finance to support PPP projects, in addition to the consensual financial restructuring, all of which closed on 11 September 2020. This now allows construction funding to resume so that the hospital will be complete before 2022 and the project has a sustainable long-term basis.
The Freshfields team was led by partner Alex Carver and senior associate James Chapman, with assistance from associates Amanda Mapanda and Sara Barin.
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