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10 August 2017

​Ikitelli integrated health campus achieves financial close, Turkey

The US$1.5 billion Ikitelli integrated health campus public-private partnership (PPP) project in Istanbul, Turkey has successfully reached financial close. Mott MacDonald was lenders’ technical, environmental and social advisor during financing and will now monitor construction and operations in an ongoing role.

Once complete, Ikitelli will be the world’s largest health campus built on seismic isolators, with a 2,682-bed capacity covering approximately one million sq m. In addition to general and psychiatric hospitals it will comprise special units for neurology and orthopaedics, maternity and children, cardiovascular, oncology and physical therapy and rehabilitation. Construction of the Ikitelli campus is expected to be completed in 2021, which will be followed by an operating term of 25 years.

Mott MacDonald's due diligence included reviewing potential technical issues and commercial implications arising from the project agreement and schedules, as well as the risk transfer through the construction and operational sub-contracts. The consultancy also appraised stakeholders' track-record and capabilities, as well as the design solution, construction planning, capital and operating expenditure, lifecycle costing, facilities management approach and payment mechanism.

Burak Sencer, Mott MacDonald's country director for Turkey, said: "We are proud to play a part in this major social infrastructure project, which is being delivered through cooperation between Turkish and Japanese companies. Ikitelli will offer improved health services to a large proportion of Istanbul’s population and contribute to the economic development of the Ikitelli district. It is the ninth health campus in Turkey that we have helped reach financial close, reaffirming our position as one of the pre-eminent lenders’ technical advisors in global PPP markets."

Ikitelli forms part of a wider €10billion, 26,000-bed health transformation programme in Turkey, which includes the delivery of over twenty health campuses across the country via PPP schemes. Mott MacDonald has acted as lenders' technical, environmental and social advisor on over 10 health projects in the country, including integrated campuses in Ankara and Istanbul. Two of these projects, Yozgat and Mersin, have recently entered operation.

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