New hospitals, acquisitions, expansions – Sweeping changes in the health sector

Cyprus’ healthcare sector saw some sweeping changes in 2023, with the arrival of new hospitals and medical centres, acquisitions, share capital structure changes and a general reshuffle.

The flurry of activity has highlighted the Cypriot health sector’s huge investment potential.

Below, a presentation of the most important, current and upcoming healthcare developments:

ECM Partners acquires Ygia Polyclinic

ECM Partners announced that it has acquired 68% of the Ygia Polyclinic Private Hospital’s share capital and assigned the Athens Medical Group to manage it.

The acquisition has been authorised by the Committee for the Protection of Competition, while based on the acquisition deal, ECM Partners has the option to increase its stake to 75% in the future.

The Athens Medical Group is the largest Greek interest health services provider, with many years of successful presence in the field of health and secondary care in Greece and abroad. It is noted that the Group intends to acquire a minority stake in Ygia Polyclinic in the immediate future.

AHEPA University Hospital Cyprus

With a budget of some €80 million, a new university hospital is being established in Nicosia, aiming to welcome patients from around the island, and the Diaspora, as it transforms Cyprus’ health sector.

With the project also anticipated to accelerate Cyprus’ prospects to attract medical tourism and promote research, work on the AHEPA University Hospital Cyprus is anticipated to begin in January 2024. The Vivant Medical Investments PLC (VMI) project’s completion is set for the first half of 2025.

To operate within the General Healthcare System (GHS-Gesy), the new hospital will be situated at the IMC building at the entrance of Nicosia. An 18,000 m2 structure that has housed a number of different ventures over the years, including shopping malls and the Cyprus Stock Exchange, the building was designed by noted British architect Lord Cunliffe and constructed by J&P.

SwissMed Health

With a vision of providing high-quality services and focusing on patient care, the SwissMed Health longevity medical centre in Limassol is changing the landscape of healthcare in Europe.

The modern facilities of the centre, located in an area known for its exceptional quality of life, set SwissMed Health on a new path of development in the coming year. The high standards of the centre are changing the fields of preventive medicine and longevity, ensuring a better level of health for individuals.

SwissMed Health aims to become the top medical destination in Europe and the wider region for health, well-being, and longevity. By utilising new technologies, specialised diagnostic methods, and tailored therapeutic interventions, it offers an innovative approach known as personalised Swiss medicine, providing patients with tangible results.

The highly trained and experienced members of the medical staff at SwissMed Health address the health issues of patients fundamentally, identifying the root causes of the diseases and adjusting treatment plans to meet their individual needs, based on the triad: addressing existing diseases, preventing future ailments, and improving the quality of life of patients, all essential components of longevity.

American Medical Center

The American Medical Center continues to pioneer, expanding its presence in the health sector with the creation of a new model Private Hospital in Limassol.

Driven to provide high-quality services and developing a network of integrated health services, American Medical Center is proceeding with the construction of a new state-of-the-art Medical Center in Limassol, drastically changing the field of health.

In the heart of Limassol, opposite the Police Department, with a total area of 12,900 m2, the American Medical Center Limassol, will be a point of reference for Cyprus and will become one of the largest and most advanced Private Hospitals in the wider region.

With sustainability and an energy-saving strategy as its main features, AMC Limassol has been designed by an award-winning London architectural firm, while construction work is expected to begin in the coming months and is estimated to be completed in approximately 1.5 years.

The new investment by Hellenic Healthcare Group

Following its acquisition of the Apollonion and Areteio Private Hospitals in Nicosia, Hellenic Healthcare Group (HHG) proceeded with another investment in Cyprus’ healthcare sector, acquiring the share capital of Gialletto Ltd.

Gialletto Ltd is a limited liability company, registered in Cyprus, which provides radiology and other related services.

Hellenic Healthcare Single Member, a member of HHG, acquired the share capital through Lemgo Ltd.

Archbishop Makarios III Hospital: renovations, expansions and upgrades

The State Healthcare Services Organisation (OKYPY) is planning a series of renovations, expansions and upgrades for the Archbishop Makarios III Hospital for children and maternity.

It has already opened a tender for the relevant studies, construction and 12-year maintenance of the project, which will include the construction of a new two-floor building with its own parking area and is estimated to cost €28,340,000 plus VAT. It is partially funded by the EU’s Recovery and Resilience Mechanism.

CVC Capital: Room for more investment

President Nikos Christodoulides met with a partner at CVC Capital Partners Advisory when he visited New York back in September.

During the meeting, they discussed the company’s experience with doing business in Cyprus, what with its recent investments in the island’s health sector, and it was mentioned that there is room for further investments, in the health as well as other sectors, such as education.