Singapore’s global investment company Temasek Holdings-backed Manipal Health Enterprises’ Manipal Hospitals has acquired a five-storey hospital property in Mumbai’s western suburb Andheri for Rs 415 crore.
The hospital has been developed on a land parcel measuring 2.61 acres and has nearly 225,000 sq ft built up area across the building that encompasses a lower ground floor, ground floor and three upper floors.
The transaction has been formalised through a deed of transfer between Manipal Health Enterprises and Khubchandani Properties & Investments, besides two other entities—Khoobchandani Hospitals and Perfect Realty.
Manipal Health Enterprises has paid stamp duty worth Rs 27.33 crore for the registration of the deal that took place on October 7. The hospital property has 180 enclosed parking spaces and 204 mechanical stack parking spaces.
As part of the deal, the hospital will get permanent 9-meter-wide right of way and another temporary right of way with 9-meter-wide access, showed documents accessed through realty data analytics platform Propstack.
In April 2023, the Singapore sovereign wealth fund had acquired an additional 41% stake in Manipal Health Enterprises for around $2 billion, taking its stake to 59%. In February this year, Temasek sold an 8% stake in the company to Mubadala, Novo Holdings and CalPERS, but continues to hold a majority stake in the company.
In April this year, Manipal Hospitals acquired 87% stake in Kolkata-based hospital chain Medica Synergie. Prior to that, it had acquired an 84% stake in Emami Group’s AMRI Hospitals in September 2023.
The acquisition of Medica Synergie will see the hospital chain increase its bed count to over 10,500 from the current 9,500, making it the largest healthcare group in the country, the company had said.
ET’s email query to Manipal Health Enterprises remained unanswered until press time.
In recent years, healthcare companies and hospitals in India have been increasingly focussing on acquiring buildings and properties to expand their operations and strengthen their market presence.
This trend is driven by the rising demand for quality healthcare services in urban and semi-urban areas, fuelled by a growing population, increasing health awareness and better insurance coverage.
Leading hospital chains like Manipal Hospitals, Apollo Hospitals and Fortis Healthcare have been investing heavily in strategic locations, acquiring both existing hospitals and new properties for greenfield projects.
These acquisitions not only allow healthcare providers to quickly scale their operations but also help them tap into high-demand regions with limited medical infrastructure.
With real estate being a critical component of healthcare expansion, the acquisition of large, well-located buildings ensures these companies can offer advanced medical services, enhance patient care and remain competitive in a rapidly evolving industry.
