Manipal Hospitals Acquires Hospital Property in Mumbai’s Andheri for ₹415 Crore
Bengaluru-based healthcare giant Manipal Hospitals, backed by Singapore's Temasek Holdings, has acquired a hospital property in Mumbai’s Andheri for ₹415 crore, expanding its footprint in one of India's most populous cities.
Manipal HospitalsTemasek HoldingsMumbai AndheriHealthcare AcquisitionHospital PropertyReal Estate MumbaiOct 14, 2024
on Manipal Hospitals
Manipal Hospitals is a leading healthcare provider in India, known for its state-of-the-art facilities and high-quality medical services. The company is backed by Singapore’s sovereign wealth fund, Temasek Holdings, which acquired a majority stake in Manipal Hospitals for $2 billion last year. This investment has significantly bolstered the hospital chain's financial resources and expansion capabilities.
Property Details
The acquisition involves a hospital property spread over 10,590 square meters of land, equivalent to approximately 2.61 acres. The built-up area of the property is 20,851.65 square meters, making it a substantial addition to Manipal's portfolio. The property includes Block A, which features a basement with 180 enclosed parking spaces and 204 mechanical stack parking spaces, a lower ground floor, a ground floor, and three upper floors.
Strategic Significance
In an interview with The Week magazine, Dilip Jose, Managing Director and CEO of Manipal Hospitals, highlighted the strategic importance of Mumbai for the company. He mentioned, “Mumbai is of keen interest to us, but building a greenfield hospital there is very difficult due to the limited availability of land and high real estate costs.” This acquisition in Andheri, a prime location in Mumbai, aligns with the company's vision to expand its presence in major metropolitan areas.
Recent Developments in Mumbai's Real Estate
The real estate market in Mumbai has seen significant activity in recent months, with several major land deals taking place. For instance, in 2023, the Solitaire Group's subsidiary, Honest Vastunirman, acquired a 20-acre land parcel in Mumbai for nearly ₹550 crore from Arogya Bharti Health Parks and Arogya Bharati Hospitals. Additionally, the Mumbai Metropolitan Region Development Authority (MHADA) auctioned five plots for over ₹192 crore, with Medanta Hospital securing a plot in Oshiwara for ₹125 crore.
Future Plans
With this acquisition, Manipal Hospitals is set to enhance its healthcare services in Mumbai, addressing the growing demand for quality medical care in the city. The company plans to integrate the new facility into its existing network, ensuring seamless access to advanced medical treatments and comprehensive healthcare services.
Conclusion
The acquisition of the Andheri property by Manipal Hospitals marks a significant milestone in the company's growth strategy. Backed by a robust financial foundation and a clear vision, Manipal is well-positioned to continue expanding its healthcare services across India, particularly in key urban centers like Mumbai.
Frequently Asked Questions
What is the cost of the property acquired by Manipal Hospitals in Andheri?
Manipal Hospitals acquired the hospital property in Mumbai’s Andheri for ₹415 crore.
Who is the seller of the property?
The seller of the property is Khubchandani Properties and Investment Private Limited.
What is the size of the acquired property?
The property is spread across 10,590 square meters of land, equivalent to approximately 2.61 acres, with a built-up area of 20,851.65 square meters.
What are the facilities available in the acquired property?
The property includes a basement with 180 enclosed parking spaces and 204 mechanical stack parking spaces, a lower ground floor, a ground floor, and three upper floors.
What is the strategic significance of this acquisition for Manipal Hospitals?
This acquisition allows Manipal Hospitals to expand its presence in Mumbai, a key metropolitan area, and address the growing demand for quality medical care in the city.
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