Nigeria’s AXA Mansard divests into healthcare with a 150 bed hospital

AXA Mansard

AXA’s local unit in Nigeria, AXA Mansard said it is divesting into core healthcare through a partnership with key private equity firms in Nigeria.

In a filing submitted to the Nigerian Stock Exchange, AXA Mansard said it has agreed with IFC, Africa Capital Alliance and other strategic investors to finance the construction of a 150-bed hospital and two 10-bed clinics in Lagos.

The shareholder’s agreement and other documents of the investment were executed to this effect today, 2 November 2017 and the expected completion of the project is in 24 – 30 months from the commencement of construction.

Upon completion, the Project will be one of the largest and best resourced private hospitals in Nigeria and will provide a variety of inpatient and outpatient healthcare services.

The project is estimated to cost circa N28 billion and would be funded through an equal mix of equity and debt.

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