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Indian hospital operater Fortis considers listing real estate investment trust

  • Anita Davis
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Indian hospital operator Fortis Healthcare – which lost the months’ long battle for Singaporean hospital asset Parkway Holdings to Malaysian SWF Khazanah Nasional in July – is considering listing its hospital land and building assets in Singapore through a real estate investment trust (REIT) in a bid to raise capital.

According to reports, the listing may come within the next six months and looks to raise between $600-700 million. That figure may go up, pending market conditions at the time of the listing, and the capital is expected to be used to fund future acquisitions. Fortis is expected to take a 30% stake in the REIT. Religare is reportedly the lead adviser in the process and Fortis may name its underwriters in the coming months.

Fortis may be looking to bolster its acquisition capabilities following its hard-fought bid for Parkway. In July, Fortis sold its entire 25.37% stake in Parkway to Khazanah after the latter launched a $2.56 billion general offer for the entire business, outpacing Fortis' $2.3 billion offer. Fortis first linked with Parkway in March after it bought TPG Capital's 23.9% stake in the asset for $685.3 million.

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