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Meridiam joins Astaldi to build hospital in Chile

The 20-year concession requires a €305m investment, including a €254m construction loan.

Meridiam has joined Italian construction firm Astaldi to develop housing for patients at a hospital in Santiago, Chile.

The Sociedad Concesionaria Metropolitana de Salud (SCMS) is the concession holder previously 100 percent owned by Astaldi that is developing the West Metropolitan Hospital facility. Meridiam now owns a 49 percent stake in the project, which is being procured as a concessionary PPP by Chile’s Ministry of Public Works.

Financing includes an overall investment of €305 million to construct an 11-story facility with a surface area of 125,000 square metres that will hold 523 beds and almost 600 parking spaces near the West Metropolitan Hospital. SCMS has also secured a €254 million non-recourse construction loan from international banks.

The PPP is set to run for 20 years, comprising 52 months of construction and 15 years of operations.

Astaldi said it expects to recoup its investment by collecting €500 million from concession revenue, 95 percent guaranteed in the form of availability charges.

The construction firm is active in another infrastructure project in Santiago at present: it owns a 15 percent stake in the Nuevo Pudahuel consortium that is expanding the Arturo Meino Benitez Airport.

Last July, the group, which also includes Aéroports de Paris with a 45 percent stake and Vinci Airports with 40 percent, secured $513 million in loans from European and local banks.

The project entails renovating the existing building, constructing a new 175,000-square-foot international terminal that will increase capacity to 30 million passengers per year, and the continued operation and commercial development over the 20-year contract period.