January 29 (SeeNews) - Romanian privately-owned medical services provider MedLife Group [BSE:M] said on Wednesday it is launching a large-scale project for a medical compound, MedLife Medical Park, in Bucharest.
The project, the largest in Romania's private healthcare sector, will include the construction of a hyperclinic, a radiotherapy centre and an oncology institute, and an expansion of an existing hospital and in-vitro centre, MedLife said in a press release, without specifying the amount it plans to invest.
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The MedLife Medical Park is planned to have a total built-up area of approximately 50,000 sq m. The project will run in two stages.
MedLife has acquired for this project a 9,500 sq m land plot and buildings spreading on a 5,000 sq m area. It has also rented a further 2,500 sq m, as well as buildings covering an area of 2,000 sq m.
The surfaces are adjacent to MedLife Memorial Hospital located in the north-central area of the capital.
The first phase of the project will be financed mainly from MedLife's cash flow.
Currently, a feasibility study for MedLife Oncological Institute is underway, after which the financing method - bank financing, a bond or share issue, or a combination of these - will be determined.
MedLife ended 2018 with a consolidated turnover at group level amounting to 804 million lei ($194 million/176 million euro), up by 29% as compared to 2017.
In December, MedLife signed a deal to acquire 100% of oncology diagnosis and treatment centre Onco Card Hospital in Brasov for an undisclosed sum.
MedLife's shares traded 0.28% lower at 35.4 lei on the Bucharest Stock Exchange as at 0949 CET on Wednesday.
(1 euro=4.7787 lei)