Freshfields Bruckhaus Deringer has advised the EBRD, SACE, DEG, IFC, the Black Sea Trade and Development Bank, Intesa Sanpaolo, Barings, Credit Agricole CIB, Deutsche Bank, UniCredit, Akbank, Isbank, and the Turkish Industrial Development Bank on the EUR 1.1 billion restructuring of the PPP agreement related to the development, construction, maintenance and operation of the Ankara Etlik Integrated Health Campus.
According to Freshfields, the Etlik project will include 11 different buildings housing a total of 3,566 beds.
According to Freshfields, "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 September 11, 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."
Freshfields's London-based team was led by Partner Alex Carver and Senior Associate James Chapman, with assistance from Associates Amanda Mapanda and Sara Barin.
Editor's Note: After this article was published Herguner Bilgen Ozeke informed CEE Legal Matters that it had worked alongside Freshfields in advising the lenders. The firm's team was led by Partner Senem Denktas and included Associates Nihat Aral, Ahmet Zafer Yilmaz, and Neslihan Donmez.