Mauritius-based African real estate developer Gateway Real Estate Africa (GREA) has announced that it is the lead investor and developer of a new 81-bed, multi-specialty hospital in Curepipe and a 135-bed oncology hospital in Coromandel with a total investment value of about $54-million.
The developments are to be co-promoted by London- and Mauritius-listed Grit Real Estate Income Group, which holds optionality to deploy funds into both projects.
The development of the St Helene Artemis Hospital in Curepipe broke ground in June and will provide numerous healthcare services once completed, in addition to considerable local employment creation during the construction phase and beyond.
“We are very excited to be the conduit for healthcare investment and development in Mauritius, especially at a time when healthcare systems across the world are buckling under pressure from Covid-19.
“GREA is well-capitalised, with access to a diverse pool of funders consisting of listed companies, sovereign wealth funds and private equity institutions,” Gateway CEO and cofounder Greg Pearson says.
“This investment represents the cornerstone of creating a unique platform, backed by private investors, that will enable Mauritius to slowly diversify away from traditional tourism.
“Healthcare by its very nature is defensive and resilient. If we further differentiate the offering through specialised, world-class medical treatments, we not only serve the people of Mauritius but will stimulate the economy through further healthcare investments and creating a new kind of medical tourism to the country,” he adds.
St Helene Artemis will be operated by Falcon Healthcare Group, which has entered into an operations and management agreement with Artemis Medicare Services.
In addition to the economic benefits of the capital investment, about 900 temporary and permanent job opportunities are expected to be created throughout the construction phases and beyond.
The development will promote local empowerment, including The Architects Collaborative in conjunction with Atelier MyDzine, AS Gopee Engineers, ARUP Mauritius, Hodari Africa and RLB Hooloomann having partnered with GREA for the design, professional engineering services and construction of St Helene Artemis.
Development of the 135-bed oncology hospital is expected to start in the coming months.