IFC reveals proposed investment in Growthpoint healthcare property vehicle

The IFC has proposed a ZAR1.2 billion ($80 million) equity and convertible debt package to finance the development and acquisition of properties for Growthpoint Healthcare Property Holdings (GHPH), South Africa’s first healthcare real estate investment trust (REIT).

Established in 2016, GHPH was founded by Growthpoint Properties, South Africa’s largest REIT. GHPH is an unlisted REIT specialised in building a portfolio of income-producing healthcare property assets in South Africa and these include hospitals, clinics, diagnostics centres, laboratories and other healthcare-related real estate.

GHPH will build its portfolio through acquiring existing properties and developing new properties.

GHPH already holds five assets with the aggregate value of ZAR2.5 billion ($174 million), four of which are hospitals and one a medical chamber – small office suites for doctors.

Growthpoint is developing a fifth hospital for GHPH called Pretoria Head and Neck hospital, a specialised hospital focused on the head and neck, spinal and vascular surgery. It is expected to be completed in 2020.

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