İkitelli City Hospital Largest of the World “PPP Deal of the Year” in Europe

İkitelli City Hospital, a Public-Private Partnership project carried out by Renaissance Healthcare Investment and Japanese Sojitz, is awarded the PPP Deal of the Yearfor its JPY 163 billion financial closure.

Renaissance Healthcare Investment, a Rönesans Holding company renowned for its massive projects both in Turkey and other continents, continues to make a name with Public-Private Partnership (PPP) projects as well.  İkitelli City Hospital is the latest PPP project by Renaissance Healthcare Investment, one of the top PPP investors in Turkey, to reach financial closure under the roof of the Rönesans Holding. Set to be one of the largest hospitals of the world, the project has already brought Turkey an important award.

The project has been recognized as the “PPP Deal of the Year” in Europe at the Project Finance International (PFI) Awards organized by Thomson Reuters, one of the most prestigious business media and information firms.  The awards of the event, which is held every year by Thomson Reuters to choose the best projects of the world, will be presented at a special ceremony in London on February 7, 2018.


In a statement on this important achievement, Kamil Yanıkömeroğlu, Chairman of Renaissance Healthcare Investment, said: “To finance all of our hospital projects to date, we have partnered with foreign development banks and international commercial bank groups. İkitelli City Hospital, the JPY 203 billion project currently under construction, is one of those projects. We held the financial closure ceremony for JPY 163 billion in July this year with participation of Mister President [of the Republic of Turkey]. Prominent public and private banks of Japan as well as other leading finance institutions are among the lenders of the project. These deals and awards represent the trust in our country, our projects and Renaissance. Looking ahead, we will continue to make investments in partnership with foreign banks and foreign investors.”

Highlighting that Renaissance Healthcare Investment wins prestigious awards with its other projects as well, Yanıkömeroğlu emphasized: “With Adana City Hospital, which started to admit patients in September, we have been granted the “Europe’s Best PPP Project” award by IJ Global, the “Best PPP Healthcare Project Partnership” of 2015 by Partnership Awards,  and EMEA Finance’s ‘Financial Success’ award. Our Elazığ City Hospital Project was also recognized by IJ Global as “Europe’s Best PPP Project”.  Each and every one of these projects is honored for its distinctive characteristics.  Adana was the precursor in every aspect. Besides being the first PPP project in Turkey to attain a financial closure, it was the first PPP to be fully funded by a foreign banking group. We have followed the same path for all the PPP projects we have financed so far. Elazığ is Turkey’s first built-from-scratch project financed with bonds.  İkitelli is another substantial project of many firsts due to its size and financing structure. It is also the first JPY based project.  In addition, Japanese State Bank JBIC is an institution known for scrutinizing the sponsors of the projects in which it will invest and attaching great importance to documentation and financing structure.  This 18-year term investment is their first project of this kind in Turkey. We hope to continue contributing in our country with such projects in the future. 

THE MOST EARTQUAKE-RESISTANT PROJECT Once completed, İkitelli City Hospital, financial closure ceremony of which was held in June with President Recep Tayyip Erdoğan in attendance, will be one of the world’s largest hospitals.  The hospital project will be implemented in partnership with Sojitz, one of the largest investment and trade companies of the world. The facility is designed to cover a construction area over 1 million sqm and to serve 23,600 patients per day with a projected bed capacity of 2,700. İkitelli City Hospital will be rigged with more than 2,000 seismic isolators to become world’s largest seismically isolated building. Thus, operational activities will not cease even during and after an earthquake.  Due for opening in 2020, the İkitelli City Hospital Project will generate around 6,000 jobs during construction and approximately 10,000 once brought into service.