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Saudi German valued at $1.57bn

The Saudi hospital group, Saudi German, has seen its shares rise 15% to 73.5 Saudi Riyals since it milked the Tadawul for US$471m last month. With just 788 beds, Saudi German, also known as the Middle East Healthcare Company, is valued extraordinarily highly; it made profits of US$89m on sales of US$881m in 2014, the last full year for which figures are available.
May 13, 2016

Nordics open up for property deals

A new €250m fund - rising to €500m with leverage - managed by Northern Horizon will target care homes across the Nordics. The Nordic Aged Care fund is targeting triple net yields of 5-7% and has already raised €121m from cornerstone investors including Aviva. CEO, Michael Schönach also said regulation and culture was opening up the Danish care home market.
May 13, 2016

Asisa heads to Oman

Spanish payor-provider Asisa will operate a 70-bed secondary hospital staffed with 40 European doctors in Oman, starting in 2018.
May 13, 2016

FREE BLOG Expect an acquisition binge

It is hard to overestimate valuations for healthcare service groups in Emerging Markets. Fullerton, a chain of 200 outpatient centres in south East Asia is likely to have a market cap (excluding debt) of US$1.1bn. That values its 400 doctors and 700 nurses at around US$10m per head. Meanwhile, Saudi German, now known as Middle East Healthcare Company, IPOed in mid-April on the Saudi exchange, valuing it at $1.8bn.
May 13, 2016

Korian buys in Belgium

Europe's largest care group Korian is buying Flemish not-for-profit provider Foyer de Lork, with 1,000 beds in 14 facilities plus 250 places in assisted living and sales of €70m in 2015. Korian's Belgian operation expands to 7,500 nursing home beds, 500 assisted living places and sales of €290m, making it Belgium's second largest care group after Armonea.
May 13, 2016

FREE BLOG Care home markets look good in the UK and Nordic

It is striking how overlooked Northern Europe is by the big French care home consolidators. The UK is much more attractive and a lot cheaper than Spain. And investors and operators should also be looking hard at the Nordic region.
May 13, 2016

Why the UK care home market is different

Despite the travails of Four Seasons and Bupa's well publicised comments about not being able to make money from UK care homes, EBITDAR margins are surprisingly high for operators and US REITs love the sector.
May 13, 2016

PMI resilient through Brazil’s recession

Unemployment may have crashed from 4% to 10.9% in the first quarter of 2016, but the number of lives covered by private medical insurance has fallen just 3.1% in 15 months. That is despite a 3.8% drop in GDP in 2015 and forecasts of a similar fall in 2016.
May 13, 2016

Saudi healthcare plans – as clear as mud

We've outlined Saudi Arabia's ambitious plans to outsource all aspects of healthcare provision to the private sector. But operators tell us that there is little clarity. Announcements that ex-pat doctors of more than ten years standing may be kicked out aren't helping.
May 13, 2016
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