A$700 million (€443 million). In New Zealand, Evolution operates a network of ten hospitals and other healthcare services, as well as one private hospital in Australia.
QIC is making an investment representing its QIC Global Infrastructure Fund. According to Ross Israel, chief of global infrastructure of QIC, Evolution was appealing since it was not highly exposed to Auckland, the region that witnessed the majority of COVID-19 lockdowns. Israel told media that Evolution has a great opportunity to develop in the future because of New Zealand’s underspending in the public health system. Numerous Evolution hospitals are in the process of enlarging their surgical rooms.
According to Israel, QIC already owns Nexus, the Australian hospital firm, which gave QIC a strong sectoral knowledge and the capacity to put together a differentiated solid business strategy for Evolution. He said, “From our perspective, we like the long-term thematics of the healthcare sub-sector. Evolution represents a strong platform from which to leverage the sector thematics around ageing demographics – and technology and medical innovation.”
Sunsuper’s first healthcare asset is Evolution. Sunsuper’s head of private markets, Michael Weaver, told the media that the A$96 billion superannuation fund had a material stake in the asset and will play an active part in its governance.
