Farah Expansion

pending

The Farah Group (“Farah” or the “Group”) is a leading healthcare services group based in Côte d’Ivoire and is composed of following four operating Group entities. The group does not have a holding company and each entity is owned directly by the same shareholders.  (a)   The largest group entity is Polyclinique/Polyclinic Farah, a 117-bed multi-speciality hospital in Abidjan operating out of 8,500 square meters (m2) 6-floor facility; (b)   The group Espace Médical Yopougon - Outpatient center located in a mall in Yopougon; (c)   Clinique Médicale Trade Center - Outpatient center located in Plateau, Abidjan CBD); and (d)   An emergency care services provider (SOS Abidjan Ambulatory care services).The proposed investment is a €27.4m (US$29.0m) XOF-equivalent senior loan to the Farah Group, for the construction of a Regional Oncology Center and Phase-I of an Ophthalmological Center in Abidjan (the “Project”). (a)    Ophthalmological Center (“Optho Center): Due to growing demand, the group has therefore decided to transfer Polyclinic Farah’s existing ophthalmology practice into a new dedicated ophthalmology facility. The facility will be established on a new 500 m2 plot (about 100 m from the Polyclinic on the same road). The construction of the center is expected to take 18 months. (b)   Regional Oncology Center (“Onco Center”): The Regional Oncology Center will be located on a 24,000 m² site within a residential area of Abidjan and fully owned by the group/sponsor. The center will be developed in two phases.Phase-I (covered in IFC investment): This phase will mainly be focussing on diagnostics and chemotherapy and thus it will have no surgical facilities and patient rooms for long stays. In Phase-I, the building will have a basement, ground and two floors. The construction of Phase-I is expected to be completed in 30 months.Phase-II (not covered in IFC investment): This phase will develop further diagnostics, surgical and radiotherapy facilities. The building from this phase will have three basements, ground and six floors. Once fully developed, the center is planned to have a capacity of 120 inpatient beds with all necessary diagnostic and treatment services with clinical and non-clinical support services. The center will also have a pavilion comprising: administration and educational facilities, staff accommodation and family furnished studios. Also, an ancillary building, located on site, will house MEP Technical services. The remaining area of the site will be for surface parking with greenery areas creating healing gardens. The group will create two special purpose vehicles (SPVs) of each the 2 sub-projects, who will be the co-borrowers for the senior loan (together referred to as “Project SPVs”). These are expected to be owned by the existing shareholders of the group.