The first biomedical research park in Turkey, which will cover the wider region that covers a population of over 500 million people, is to be built.

Bio City Development Co, which describes itself as "the leading emerging markets’ healthcare infrastructure company" says it has successfully completed the offering of $200 million convertible bonds (due 2018), which may be increased by up to $25 million, to finance the development of Bio City Istanbul. The science park is a $2 billion joint venture between BCDco and an affiliate of the Turkish Prime Ministry’s housing authority, TOKI, and will include a state-of-the-art tertiary care paediatric hospital "with integrated R&D facilities and complementary commercial and residential real estate clusters".

Raphael Levey, senior chairman of BCDco, said it is "gratifying that so many institutional investors have taken part in the offer, demonstrating the growing interest in investing in emerging markets healthcare". Bio Istanbul will be the first such park in Turkey and the wider region, covering a population of over 500 million, and Istanbul is currently the largest city in the world with no dedicated specialist paediatric hospital.

The project will bring "substantial foreign direct investment to Turkey and is expected to attract occupiers from industries as diverse as pharmaceuticals, medical technology, academia, R&D, IT and healthcare services", BCDco said. Mr Levey added that "Bio Istanbul is an exceptional project which will transform paediatric healthcare and biomedical R&D in Turkey and the wider region".