03 September 2015 - STANLIB, on behalf of the Liberty Property Portfolio celebrated the official ground-breaking for the R220m Melomed Hospital development in the city of uMhlathuze today with Counsellor Mhlongo - Mayor of the City of uMhlathuze and the Kwa-Zulu Natal Premier - Senzo Mchunu in attendance. The celebration follows the announcement that Tuscaloosa, a black-women owned KZN based entity who have partnered with Liberty as co-owner in the hospital development, have secured funding for their portion of the development costs. The new 100 bed, 10 000sq metre state-of-the-art hospital, situated within the John Ross Eco Junction and operated by Melomed, is expected to be completed by the end of 2016.
Liberty has been a vital part of the property landscape for more than 40 years, with a prestigious retail, commercial and hospitality property footprint. The addition of a hospital into the asset base is a first for the Liberty Property Portfolio and further diversifies the quality income stream of this portfolio.
Speaking of the agreement, Fund Manager for the Liberty Property Portfolio at STANLIB, Alex Phakathi said, “The Liberty Property Portfolio is always finding new ways to strengthen its composition to benefit our investors, and I believe that this development, our first foray into a healthcare asset, meets the requirements of being a good diversifier that will deliver solid return. Hospital leases provided a good, quality long-term income stream that is an important characteristic of the Liberty Property Portfolio.”
The John Ross Eco Junction is an eco-friendly industrial park in northern KwaZulu-Natal that provides a convenient gateway to Richards Bay and Empangeni. The 195 000m² mixed use commercial property development is expected to boost economic growth and create jobs in the greater uMhlathuze area, which has been identified as a high potential development node.
Amelia Beattie, Head of STANLIB Property Investments, added that, “The Liberty Group has a deep passion for property – not only because of its investment returns and bricks and mortar, but for the difference that it makes to people and the communities it serves. This new Melomed Hospital development is a true testimony to that.” The development, situated at the intersection of the N2 Highway (linking Durban and Pongola) and the John Ross Parkway (connecting Richards Bay and Empangeni), is ideally positioned to provide easy access to railway, seaport and airport facilities.
For further information please contact:
STANLIB: Communications Manager
Tel: 011 448 6011