MAURITIUS – Gateway Real Estate Africa (GREA), a property developer in Mauritius, has announced that it is the lead investor and developer of a new 81-bed multi-specialty hospital in Curepipe, Mauritius and a 135-bed oncology hospital in Coromandel for a total investment value of approximately US$54 million (MUR2.37 billion).
The developments are to be co-promoted by London and Mauritius listed Grit Real Estate Income Group, who hold optionality to deploy funds into both projects.
The construction of St Helene Artemis Hospital in Curepipe broke ground in June 2021 and it will provide numerous state-of-the-art healthcare services.
“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”, commented Greg Pearson, co-founder, and CEO of Gateway.
“GREA is well-capitalised, with access to a diverse pool of funders consisting of listed companies, sovereign wealth funds and private equity institutions. Access to various sources of funding, alongside a significant demand for quality real estate developments on the continent, has allowed us to grow considerably over the last number of months despite Covid-19 challenges”.
St Helene Artemis will be operated by Falcon Healthcare Group, who have entered into an operations and management agreement with Artemis Medicare Services Ltd (Artemis), a well-established and recognized company founded by the Apollo Tyres Group in India.
Artemis is considered a pioneer of healthcare systems in India, led by top-of-the-line medical technology and equipment. It was also the first hospital in Delhi to be recognized by the National Accreditation Board for Hospitals & Healthcare Providers within three years of its start up.
Falcon Healthcare Group is backed by impact investor Safyr Capital, Dr Zouberr Joomaye and Groupe Filatex, a leading renewable energy and real estate company based in Madagascar.
In addition to the economic benefits of the capital investment, approximately 900 temporary and permanent job opportunities are expected to be created throughout the construction phases and beyond, to stimulate the Mauritian economy in the wake of travel bans and lockdowns.
The development will promote local empowerment with reputable companies 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 a 135-bed Oncology Hospital is expected to commence in the coming months.