For an infrastructure market which has long been considered to have huge potential, but has also been seen as somewhat insular, the financial close of the €550 million Adana Integrated Healthcare Campus Project in Turkey in December was undoubtedly a breakthrough.
With local players having previously enjoyed what has arguably been an unhealthy dominance, it was notable that Paris-based fund manager Meridiam Infrastructure led the deal – becoming, in its own words, the “first global investor and asset manager to invest in the Turkish PPP market”.
The deal, assisted by the International Finance Corporation and European Bank for Reconstruction and Development, also saw a group of global commercial banks provide long-term lending.
While the political situation in the country may give some investors pause for thought, the prospect of a way in for the investment community is sufficient for Turkey to edge into our top ten. It will be interesting to see how things develop from here.