28 December 2017
- Riko Vanezis, Qudeer Latif, David Metzger, Anna Thwaites, Ahmed Choudhry, Jason London, Anna Cornelius, Marcella Stokell
- Frankfurt, Istanbul, London, Dubai
Clifford Chance and Yegin Ciftci Attorney Partnership advise CCN Yatırım Holding, one of the world’s top 200 construction companies, in Turkish Public Health Agency and the Turkish Pharmaceutical and Medical Devices Agency Campus PPP Project
Clifford Chance and Yegin Ciftci* advised CCN Yatırım Holding, as the sponsor in the implementation and financing of the Turkish Public Health Agency and the Turkish Pharmaceutical and Medical Devices Agency Campus PPP Project in Ankara, Turkey. Signing of the main finance documents took place on 28 December 2017, with the CCN Yatırım Holding subsidiary signing the finance documents as borrower.
The project is part of the Government of Turkey's programme to build or expand hospitals across the country, and a set of medical laboratories, in collaboration with the private sector. CCN Yatırım Holding is a leading private hospital developer in Turkey and is the sole investor in two other healthcare PPP campuses, with a total bed capacity of approximately 5,000. The new medical laboratories will be built and maintained by CCN Yatırım Holding, while Turkey's Ministry of Health will conduct research activities at the laboratories, under a public-private partnership (PPP) model. The campus will span several administrative buildings and state-of-the-art research laboratories affiliated with the Turkish Ministry of Health. 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.
The European Bank for Reconstruction and Development (EBRD) together with other development banks and commercial lenders are providing a financial package of €494.5 million for the design, construction, equipment and maintenance of the new healthcare campus. EBRD is providing a syndicated loan of €124.5 million, of which €75 million is on its own account; whilst €35 million is being syndicated to UniCredit and €14.5 million to Siemens Bank. Black Sea Trade and Development Bank is providing a syndicated loan of €50 million, of which €30 million is on its own account and €20 million is being syndicated to the OPEC Fund for International Development. The Islamic Development Bank is providing syndicated financing of €175 million, of which €75 million is on its own account and €100 million is being syndicated to Kuveyt Turk. The Austrian Development Bank is participating with a €30 million loan, the ECO Trade and Development Bank with a €15 million loan, and the Islamic Cooperation for the Development of the Private Sector with a €25 million loan. QNB Finansbank is contributing €75 million.
Finance documents were signed on 28 December 2017 and financial close is expected in the first quarter of 2018.
The overall Clifford Chance and Yegin Ciftci team was led by partners Riko Vanezis, a Frankfurt based partner of Clifford Chance and Mete Yegin, the head of Yegin Ciftci's finance team. The lead managing associate on the project was Anna Thwaites, an English law Frankfurt-based senior associate of Clifford Chance.
Clifford Chance (Riko Vanezis) led the negotiations on the finance documents, supported by Dubai based partner, Qudeer Latif, on lslamic law matters and London-based partner David Metzger on construction matters. Other key members of the Clifford Chance cross-border team include Ahmed Choudhry, Jason London, Anna Cornelius and Marcella Stokell. Yegin Ciftci advised on Turkish law matters. The team at Yegin Ciftci further comprised of senior associate lrem Su Karasalih and associate Seda lsınman.
*Clifford Chance works in corporation with Yegin Ciftci on Turkish law matters