Portfolio Valuation - REIT Listing

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The Challenge

Religare Health Trust is a Singapore registered business trust sponsored by Fortis Healthcare Limited and managed by Religare Health Trust Trustee Manager Pte. Ltd. (“RHT TM”). Cushman & Wakefield was appointed to conduct valuation of 17 healthcare assets across India for listing on the Singapore Exchange Ltd. Our team examined hospital services agreements between various entities and had to benchmark listed healthcare companies to assess key revenue assumptions.

The Solution

As the portfolio comprised of operational assets and assets at different stages of development, our team adopted customized methodologies. For Greenfield assets, we determined comparable properties with similar zoning, usage and applied appropriate discount/premium to determine value. We also conducted valuation of buildings with another methodology for IFRS reporting.

The Results

This was first of its kind valuation of healthcare assets held by a trust for listing on stock exchange outside India. We were able to successfully advise the client in achieving their objectives through tailor-made solutions suited to their specialized requirement.