SEATTLE--(BUSINESS WIRE)--Columbia Pacific Management, one of the largest and fastest-growing healthcare providers in Asia, is partnering with Temasek, an investment company based in Singapore, on a joint venture that will provide China’s growing middle-class population with affordable, patient-centered care across a spectrum of healthcare and senior services.
Temasek is investing about $250 million USD in Columbia China, the China healthcare arm of Seattle’s Columbia Pacific Management, which will result in a 50/50 joint venture with Columbia Pacific. Columbia China currently has a 220-bed orthopedic hospital, two multi-specialty clinics and three senior living facilities in Shanghai and Beijing. The company is also developing three multi-specialty hospitals of 300-500 beds, in Wuxi, Jiaxing and Changzhou, as well as a 300-bed senior living facility in Ningbo and a growing pipeline of other projects across China.
The partnership with Temasek will enable Columbia China to further expand in China through acquisitions and greenfield projects.
“We’ve already built a strong team in China that has quickly expanded since we first entered the China market five years ago,” said Bee Lan Tan, Group CEO of Columbia China. “With such valued support from Temasek, we look forward to continuing to accelerate our growth.”
“China’s demand for healthcare services and senior living at international standards is unprecedented and growing every day,” said Nate McLemore, Managing Director of Columbia Pacific Management. “We are thrilled to have a partner like Temasek that has both a shared vision of providing high-quality healthcare to Chinese patients and seniors, as well as a long track record of successful investments in China and around the world.”
Columbia Pacific Management has been operating in Asia for 20 years. The company's expansion in China is similar to the network of hospitals the company owns in India and Southeast Asia through another affiliate, Columbia Asia.
Columbia Asia opened its first hospital in Malaysia in 1996 and over two decades has developed one of the largest hospital companies in Asia, with 27 hospitals and two clinics delivering high-quality, affordable and standardized care.
Columbia Pacific is committed to the China market. In 2011 the firm became the first foreign-owned company to receive permission from the Chinese government to build senior care facilities in China and now has three senior care facilities: one in Beijing and two in Shanghai. Columbia Pacific went on to acquire a 220-bed orthopedic hospital and two multi-specialty clinics in Shanghai.
Columbia Pacific is focusing on large cities – the three hospitals of 300-500 beds under development are in Wuxi (6.4 million), Jiaxing (4.5 million) and Changzhou (4.6 million) – with facilities designed to serve the wide-ranging medical needs of China’s fast-growing middle class.
For more about Columbia Pacific Management, go to columbiapacificmanagement.com.
UBS was the placement agent and financial advisor to Columbia Pacific Management on the transaction with Temasek.
About Columbia Pacific Management
Columbia Pacific Management (CPM), based in Seattle, oversees an international healthcare business that develops and operates hospitals, clinics and senior housing in Asia. With locations in China, India, Indonesia, Kenya, Malaysia and Vietnam, CPM’s operating companies provide healthcare and senior care services in markets making up more than half the world’s population. All of these countries have rapidly aging populations, rising middle- and upper-middle-class populations, an under-supply of quality healthcare and senior care facilities, and increasing rates of non-communicable diseases such as diabetes, cancer and cardiac diseases – creating an unprecedented demand for world-class healthcare services and senior housing.
The company’s affiliates include Columbia Asia, operating hospitals in India and Southeast Asia; Columbia Africa, which operates a clinic in Nairobi, Kenya; Columbia China, which is building a network of hospitals and clinics in China; Cascade Healthcare, a subsidiary of Columbia China that operates senior care facilities; and Remote Medical International, which provides medical services and supplies to challenging locations around the globe.