Manipal Health Expands in Mumbai with Rs 415 Crore Hospital Acquisition
Manipal Hospitals, backed by Temasek Holdings, has acquired a five-storey hospital property in Mumbai's Andheri for Rs 415 crore, marking a significant step in the company's expansion strategy.
Manipal HospitalsTemasek HoldingsHealthcare ExpansionMumbaiHospital AcquisitionReal Estate MumbaiOct 14, 2024
The hospital property spans 2.61 acres and boasts a built-up area of nearly 225,000 square feet. The facility includes a lower ground floor, ground floor, and three upper floors, making it a comprehensive medical center. The transaction was formalized through a deed of transfer with Khubchandani Properties & Investments, along with two other entities—Khubchandani Hospitals and Perfect Realty.
As part of the deal, Manipal Health Enterprises paid a stamp duty of Rs 27.33 crore for the registration of the property, which was completed on October 7. The hospital property also features 180 enclosed parking spaces and 204 mechanical stack parking spaces, ensuring convenient access for patients and visitors. Additionally, the property will have a permanent 9-meter-wide right of way and another temporary 9-meter-wide access, as documented by the realty data analytics platform Propstack.
This acquisition aligns with the growing trend of Indian healthcare companies investing in properties to expand their operations. The demand for quality healthcare services in urban and semi-urban areas is on the rise, driven by a growing population, increasing health awareness, and better insurance coverage. Leading hospital chains like Manipal Hospitals, Apollo Hospitals, and Fortis Healthcare are heavily investing in strategic locations to acquire both existing hospitals and new properties for greenfield projects.
In April 2023, the Singapore sovereign wealth fund, Temasek, acquired an additional 41% stake in Manipal Health Enterprises for around $2 billion, bringing its total stake to 59%. In February of the same year, Temasek sold an 8% stake in the company to Mubadala, Novo Holdings, and CalPERS but continues to hold a majority stake.
Earlier this year, Manipal Hospitals acquired an 87% stake in Kolkata-based hospital chain Medica Synergie, following its acquisition of an 84% stake in Emami Group's AMRI Hospitals in September 2023. The acquisition of Medica Synergie will increase the hospital chain's bed count to over 10,500 from the current 9,500, making it the largest healthcare group in the country.
These strategic moves not only allow Manipal Hospitals to scale its operations quickly but also enable the company to tap into high-demand regions with limited medical infrastructure. Real estate is a critical component of healthcare expansion, and the acquisition of large, well-located buildings ensures that these companies can offer advanced medical services and enhance patient care while remaining competitive in a rapidly evolving industry.
Despite an email query from ET, Manipal Health Enterprises did not respond by press time. However, the company's recent acquisitions and investments clearly indicate its commitment to becoming a leading player in the Indian healthcare sector.
Frequently Asked Questions
What is the value of the hospital property acquired by Manipal Hospitals in Mumbai's Andheri?
The hospital property acquired by Manipal Hospitals in Mumbai's Andheri is valued at Rs 415 crore.
How much land does the acquired hospital property occupy?
The acquired hospital property occupies a land parcel measuring 2.61 acres.
What is the built-up area of the acquired hospital property?
The built-up area of the acquired hospital property is nearly 225,000 square feet.
Who are the entities involved in the transfer of the hospital property to Manipal Health Enterprises?
The entities involved in the transfer of the hospital property to Manipal Health Enterprises are Khubchandani Properties & Investments, Khubchandani Hospitals, and Perfect Realty.
What is the significance of the right of way access in the acquired hospital property?
The hospital property will have a permanent 9-meter-wide right of way and another temporary 9-meter-wide access, ensuring convenient and efficient access for patients and visitors.
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