Property Flash


June 11 2024 17:00

The African Property Investment (API) Summit Mauritius recently will take place on Thursday, June 13.

Mauritius, long known for its beautiful beaches, is becoming a hotspot for a different kind of investment: healthcare. As the population ages and expats seek better care, the private sector is stepping in, attracted by the potential for returns and the chance to transform the island into a medical hub and alternative real estate opportunities. This is creating investment and development opportunities.

 “It’s no longer just about government funding through taxes. The private sector has identified the opportunity as the ageing population, and ex-pats demand better care. Alternative healthcare investment can be driven forward with strategic planning from both public and private investment. This would position Mauritius as a preferred destination for people seeking good healthcare facilities, especially from the African continent, as it’s not easy to access suitable healthcare in Europe due to visa and currency issues,” said Kevin Teeroovengadum, CEO of JCG (Janus Continental Group).

While Mauritius might seem a small market for healthcare, it has big potential, he said. Mauritius’ population is around 1.3-million.

“Backing from the hospitality, banking, and real estate sectors makes it an attractive investment market well suited to offering private care for patients who may otherwise have to travel to India or Europe,” he said.

Demonstrating this shift is the growth of Falcon Healthcare Group, which aims to become one of the largest healthcare operators in Mauritius and elevate the island into a regional medical hub, serving countries like Madagascar, Seychelles and even eastern and southern Africa.

It launched its first multispecialty hospital, Artemis Curepipe Hospital, with 81 beds in mid-2023, and a year later, it is starting the construction of its second hospital, Artemis Coromandel Hospital, with 140 beds, offering oncology services to the island. These assets are developed and owned by GREA, the development arm of London-listed Grit Real Estate Income Group as part of their diversification into more defensive impact real estate.

Falcon’s principals have already started the construction of a third hospital in the west of Mauritius, which will be a multispecialty regional hospital servicing close to 150,000 people in the West of the country, taking its total beds to 331. Its entry into healthcare in Mauritius has added more choice to the sector, for both patients and doctors and introduced the most modern healthcare facilities, equipment and technology on the island.

Artemis Curepipe Hospital

Falcon Healthcare group has partnered with Artemis Medicare, one of India’s healthcare groups in New Delhi. Falcon is led by numerous investors, including Safyr Capital Partners, Dr Zouberr Joomaye, Groupe Filatex, a renewable energy and real estate company based in Madagascar, and GRIT Mauritius.

“When we were presented with the opportunity to partner with Artemis and Safyr in bringing exceptional healthcare expertise to the island, we saw it as a perfect fit, offering financial performance and aligning with our growth plans and investment goals. Our investments into healthcare in Mauritius represent the cornerstone of creating a unique platform, backed by private investors, that could position Mauritius as a regional healthcare hub,” said Bronwyn Knight, CEO of GRIT.

Healthcare real estate is defensive and resilient, and the pandemic has highlighted Mauritius’ need for advanced care. 

“Diversifying the offering further through specialised, world-class care and treatments can improve lives in Mauritius and boost the economy through investment and medical tourism. But finance and operations expertise are major hurdles,” said Knight.

Deva Marianen, MD of Safyr Capital, a shareholder in Falcon Healthcare Group said that healthcare in Mauritius has its challenges, but they can be managed and overcome.

“Licensing is tough. There is a shortage of specialised staff and we have consequently we’re partnered strategially with universities to train local talents.. Providing top doctors with a state-of-the-art platform is key to our business model which allows them to treat patients with the latest technology available in the medical space globally,” Marianen said.

The 2nd annual API Mauritius & Indian Ocean Property Forum, which will be held on June 13 2024 at the InterContinental Hotel & Resort, will unpack opportunities and lessons learned in various markets, according to the organisers.

There is a “Growth Levers” panel set for the event. One attendee is banker Somaya Joshua.

“Absa Commercial Property Finance is proud to contribute to the ‘Growth Levers’ panel at the API Mauritius Property Summit. Our insights and on-the-ground presence allow our teams to structure to market using diverse financing strategies, including green financing, and is a reflection of our expertise and commitment to the African real estate market,” said Joshua who is Absa Africa Head: Commercial Property Finance: Africa Region.

Murray Anderson-Ogle, GM of marketing and commercial at API Events, said Mauritius was an attractive and competitive market.

He said it offered world-class healthcare to patients from across Africa.

“It’s a bold vision, but with the right funding and expertise, it could become a reality, boosting the economy, improving lives, and creating an exciting new opportunity for real estate. The API Mauritius & Indian Ocean Property Forum’s ‘Growth Levers’ panel will shine a light on this and other promising opportunities, strategies, and tactics for the property sector,” said Anderson-Ogle.

Leave a Reply

Your email address will not be published. Required fields are marked *