Freshfields to counsel on $1 billion Turkish PPP project

 

International law firm Freshfields Bruckhaus Deringer has been selected to advise the lenders backing a major PPP health project in Turkey, the Etlik Integrated Health Campus in Ankara. London finance partners Alan Rae Smith and Nick Bliss led the Freshfields team.

 

The association behind the project is providing the financing, design, construction works, medical devices and other equipment for the health campus and will also refurbish the existing facilities. The PPP will be run over a 25-year concession.

 

The new campus will offer a major new integrated health facility boasting a General Hospital, a Woman’s Hospital and a Children’s Hospital, Cardio-vascular, Oncology, Children's Oncology, Orthopaedics, Physical Therapy and Rehabilitation units, Psychiatric and High-Security Psychiatric Hospitals. In total, the new structures will provide 3,056 beds.

 

Alan Rae Smith commented: ‘This transaction is the largest Turkish healthcare PPP to date, and given that there are several others in the pipeline, it also represents a model that the Turkish authorities are looking to replicate to improve the country’s healthcare provision’.

 

Over the past 12 months, Freshfields has advised on 19 projects (which have either reached financial close or where the loan documents have been signed by the borrowers and banks) with a collective value exceeding £4bn, with projects having recently been announced in Russia, Germany and the US.