Cleopatra Hospitals to develop a 400-bed medical facility in East Cairo
Cleopatra Hospitals Group purchased a brownfield project in East Cairo to develop into a 400-bed medical facility, according to a disclosure to the bourse (pdf). The disclosure did not specify how much Cleopatra is paying for the facility. The EGX-listed healthcare group had signed the agreement with an undisclosed seller earlier this month and is now seeking approval from the Health Ministry and satisfying other conditions precedent before completing the purchase.
The development is expected to take 18-24 months to complete once the approvals come through, CHG Corporate Strategy and Investor Relations Director Hassan Fikry told Enterprise. The brownfield project currently lacks facilities, including beds and medical equipment, but would not require as much time to complete as would a greenfield.
The agreement, if approved, would mark the group’s first major development in East Cairo, save for one polyclinic project. The move is part of CHG’s larger plan for geographical expansion across Cairo that would see the company expanding its footprint and services. The EGX-listed company is the largest hospital group in Egypt, with six hospitals and two polyclinics under its belt. CHG had previously eyed expansion through a mega-merger with private healthcare group Alameda, but the transaction fell through earlier this year. Cleopatra had also previously acquired a 60% stake in Bedaya Hospital last year.