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Biz News Korea(Eng)
Korea’s KDB Infra to invest $63 mn in Turkish general hospital
- Collected
- 2017.11.03
- Distributed
- 2017.11.06
- Source
- Go Direct
According to financial industry sources on Thursday, KIAMCO will invest 70 billion won in high-yield debt backed by Mersin Integrated Healthcare Campus in Mersin, Turkey’s second largest port city located on the southern coast. The hospital created mostly for the socially weak has 1,294 beds and receives 10,000 patients a day on average.
The Mersin Integrated Healthcare Campus opened early this year. The Turkish health ministry is required to pay the lease for more than 18 years.
KIAMCO expects the investment to deliver an annual return of 8 percent. The investment is funded by Korea-based institutional investors including Allianz Life Insurance Co.
Turkey’s sovereign debt is rated BB but the quasi-government welfare project is deemed a safe investment.
KIAMCO is an asset management unit under state-run Korea Development Bank. It specializes in infrastructure investment and manages 5.9 trillion won, the largest in the country, as of Dec. 31, 2015.
By Han Woo-ram and Cho Jeehyun
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