Background

The Project consists of the design, construction, financing, and maintenance of an integrated health campus with 1,355 beds in Bursa (Western Turkey). The campus is comprised of general practice, oncology, cardiovascular diseases, women and children, and psychiatric hospitals. The 25-year operation period follows a 3.5-year construction period. The Project provides efficient access to a full range of high quality healthcare in a single location to a population of about 3 million people.
Commercial Close was achieved in 2015, Financial close was achieved in April 2017 and the Project entered operations in 2019.
Considering the operational maturity of its hospital projects, Meridiam was successful in creating a secondary market for such assets in Turkey and benchmarking the risk premium for such assets by raising €125 million worth of preferred shares at the Turkish portfolio level which will be repaid through dividends from underlying projects. This additional financing reflects the high level of operational performance achieved by Meridiam and the liquidity of such portfolio, while accelerating distributions for MIEE investors. This secondary financing is certified as a Sustainable (Green & Social) Loan of Advanced level (the highest possible) by V.E Moody’s.

Stage:

In Operation

ESG/SDG Key Facts

An Environmental and Social Impact Assessment (ESIA) was carried out for the Project. This ESIA ensures compliance with the national and international regulations including conventions and treaties adopted by Turkey and applicable to the Project, EIB Statement of Environmental and Social Principles and Standards, the IFC Performance Standards (2012), the EBRD Performance Requirements (2008) and related World Bank Group Environmental, Health and Safety Guidelines. Processes and monitoring arrangements have been put in place to ensure consistent achievement of these standards.
In January 2020, the Project was awarded Gold Standard under LEED (Leadership in Energy and Environmental Design) Certification. The Project obtained the certifications for ISO 9001 Quality Management System, ISO 14001 Environmental Management System and OHSAS 18001 Occupational Health and Safety Management System.
The Bursa Project has been rated ‘Advanced’, the highest possible rating of the ESG performance assessment scale, by V.E Moody’s, a global leader in ESG research.

> Learn more about the project from the press release