EPF weighs £1.4bil sale of UK private hospitals
EPF has appointed broker Knight Frank to offer the 12 properties for sale, people with knowledge of the process said.
KUALA LUMPUR : EPF is preparing to sell a portfolio of UK private hospitals that are valued at about £1.4 billion (US$1.9 billion).
The fund has appointed broker Knight Frank to offer the 12 properties for sale, people with knowledge of the process said.
The hospitals, which an EPF-led consortium bought for about £700 million in 2013, are operated by Spire Healthcare Group Plc, the people said, asking not to be identified as the process is private.
Representatives for EPF and Knight Frank declined to comment.
Healthcare property has seen a flurry of interest this year as investors seek out alternative assets with long-term indexed-linked leases.
KKR & Co is vying with Primary Health Properties Plc to buy Assura Plc, a UK landlord that mostly owns doctor surgeries as well as a portfolio of private hospitals that it bought for £500 million last year.
Aedifica SA agreed yesterday to buy rival Cofinimmo in a deal that creates a healthcare REIT with a combined gross asset value of more than €12 billion euros (US$13.7 billion).
The use of private healthcare in the UK has grown as the country's National Health Service (NHS) struggles to bring down waiting lists that were swollen during the pandemic.
A record 4.7 million had private health insurance through their employer in 2023, according to data compiled by the Association of British Insurers last year.
The NHS also uses private hospitals to carry out procedures.
The state backed healthcare provider spent £2.1 billion in private hospitals last year, according to a report by LaingBuisson.
It spent a further £1.5 billion at private clinics.
The UK government announced earlier this year that the NHS would use private healthcare to carry out additional appointments, scans and operations in order to reduce waiting times.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
4 hours ago
- New Straits Times
NST Leader: Healthcare burden
Few wage earners, especially Gen Z and millennials, seem concerned about saving for retirement. They view a nest egg as a strange concept, believing it's the the Employees Provident Fund's (EPF) responsibility. Their main concern is current spending, not on big purchases but on daily essentials — utilities, Internet data, rent, food, clothes, transportation and family support. Whatever little left of their monthly salaries goes towards leisurely pursuits. Even with an inflationary economy, these expenditures have bumped Malaysian consumer annual spending by five per cent, reaching RM904.6 billion, according to one study. This heavy spending has driven consumption growth back to pre-Covid-19 levels, supported by a rebounding economy that mirrors previous consumption patterns. Apparently, this RM904.6 billion in spending is still insufficient, especially for significant expenses that monthly salaries can barely cover. This has led to calls for the EPF to expand Account 2 for medical insurance, in addition to existing withdrawals for education, housing and healthcare. Are Malaysians burdened by medical insurance costs? Premiums can range from RM100 to more than RM2,500 monthly, depending on age, health condition, coverage and policy terms. Medical inflation in Malaysia is significant, at a high rate of 12.6 per cent. Consequently, falling ill without insurance is difficult, but hospitalisation — unless it's a government–subsidised facility — is almost unaffordable. Many Malay-sians, preferring smoother and faster admittance, opt for expensive private hospitals even though diagnosis and treatment quality are comparable to public facilities. Given the rising medical and living costs, the demand to widen Account 2 withdrawals is understandable. If approved, this expansion could significantly improve medical insurance coverage and take a big weight off the national healthcare system but it would also inevitably deplete EPF savings, particularly if funds are spent on non-essential or poorly chosen insurance plans, a risk further aggravated by aggressive marketing from health insurance companies. Quantifying the EPF's potential allocation for medical insurance withdrawals is challenging, but it would likely be substantial given that nearly everyone might apply. While previous figures show personal medical insurance coverage among Malaysians ranging from 22 to 45 per cent, a 2024 survey reported that 42 per cent have no coverage at all. If approved, the EPF must set clear guidelines on eligible insurance types and treatments. At the same time, contributors need to understand the long-term trade-offs of prematurely depleting their retirement funds. Ultimately, the quickest way to ensure coverage is to view medical insurance much like rent: costly but necessary. Perhaps Malaysians could redirect some funds from their monthly budget or "unnecessary" spending. Such choices would be difficult. Still, EPF contributors will likely argue that present survival is more relevant than worrying about the future. This perspective stems from an emerging philosophy of "retired but still working", a reality already taking hold.
Malay Mail
6 hours ago
- Malay Mail
Warming planet, wheezing people: How climate change is triggering an allergy crisis
PARIS, June 20 — Runny nose, itching eyes, worsening asthma symptoms — the effects of hay fever are nothing to sneeze at, experts say, warning of an 'explosion' of allergies as climate change lengthens and intensifies pollen seasons. The UN's World Meteorological Organisation (WMO) has found that a shifting climate has already begun altering the production and distribution of pollen and spores. As winter frost thaws earlier and spring weather gets warmer, plants and trees flower earlier, extending the pollen season, numerous studies have shown. Air pollution can also increase people's sensitivity to allergens, while invasive species are spreading into new regions and causing fresh waves of allergies. More and more people, particularly in industrialised nations, have reported developing allergy symptoms in recent decades. Around a quarter of adults in Europe suffer from airborne allergies, including severe asthma, while the proportion among children is 30 to 40 per cent. That figure is expected to rise to half of Europeans by 2050, according to the World Health Organisation. 'We're in crisis because allergies are exploding,' said Severine Fernandez, president of the French Allergists' Union. Whereas previously an allergic person would endure only what is commonly known as hay fever, albeit sometimes for years, 'now that person can become asthmatic after one or two years', Fernandez said. Climate change affects allergy patients in multiple ways, according to a 2023 report by the WMO. — Picture by Raymond Manuel 'Irritant pollen' Climate change affects allergy patients in multiple ways, according to a 2023 report by the WMO. Rising levels of carbon dioxide, one of the main heat-trapping gases produced by burning fossil fuels, boost plant growth, in turn increasing pollen production. Air pollution not only irritates the airways of people exposed, but it also causes stress to plants, which then produce more 'allergenic and irritant pollen'. Nicolas Visez, an aerobiologist at the University of Lille, said each plant species reacted differently to a variety of factors such as water availability, temperature and CO2 concentrations. Birch trees for example will wither as summers get hotter and drier, while the heat causes a proliferation of ragweed, a highly allergenic invasive plant. 'There's no doubt that climate change is having an effect,' Visez said. In a study published in 2017, researchers projected that ragweed allergies would more than double in Europe by 2041-2060 as a result of climate change, raising the number of people affected from 33 million to 77 million. The authors suggested that higher pollen concentrations as well as longer pollen seasons could make symptoms more severe. A bee feeds on the nectar and pollen of a scarlet powder-puff wildflower at Eaton Canyon in Pasadena, California June 3, 2023. A Europe-wide 'AutoPollen' programme under development aims to provide real-time data on the distribution of pollen and fungal spores. — AFP pic Allergy action A Europe-wide 'AutoPollen' programme under development aims to provide real-time data on the distribution of pollen and fungal spores. In Switzerland, a tie-up with MeteoSwiss allows patients and doctors to match personal allergy profiles with maps of specific allergens throughout the country. In parts of France, authorities have planted 'pollinariums', gardens packed with the main local allergen species. These provide information on the very first pollen released into the air so that people can start taking antihistamines and other protective measures in a timely manner. 'Hazelnuts have started to bloom as early as mid-December, which wasn't the case before,' said Salome Pasquet, a botanist with the association behind the pollen gardens. 'That's really because we've had very mild winters, so flowering has come earlier,' she said. Some countries are taking an interventionist approach — cutting off the pollen at the source. In Japan, the government announced a plan in 2023 to combat allergies caused by the archipelago's many cedar trees, which includes felling cedars to replace them with species that produce less pollen. Countries in Europe are also more mindful of species in the environment, both native ones that have been planted and invasive newcomers like ragweed. Preference is given to species with a lower allergenic potential, such as maple or fruit trees. 'The idea is not to stop planting allergenic species,' Pasquet said, but to be mindful of creating diversity and avoiding having 'places where there are rows of birch trees, as was the case a few years ago'. It was birch trees in a client's garden that originally set off symptoms for Simon Barthelemy, an architect who lives near Paris. 'I had a major eye allergy, and it's been a recurring problem every year since,' he said. 'I'm on antihistamines, but if I don't take them I get itchy eyes, I'm very tired, I cough... I can't sleep at night.' — AFP
Free Malaysia Today
7 hours ago
- Free Malaysia Today
Why Johor is now an investor safe haven
The Nikkei Forum Medini Johor 2025 brought industry experts to discuss the future of the Johor-Singapore Special Economic Zone (JS-SEZ). ISKANDAR PUTERI : The Johor-Singapore Special Economic Zone (JS-SEZ) has been touted as the next major engine of growth for Southeast Asia. Formally established in January through a bilateral agreement between Malaysia and Singapore, the zone aims to enhance cross-border economic connectivity. Over the next 10 years, it is set to support 100 projects worth RM100 billion and create an estimated 100,000 jobs across high-value sectors such as manufacturing, the digital economy, logistics, clean energy, and tourism. At the June 18-19 Nikkei Forum Medini Johor 2025, co-organised by Iskandar Investment Bhd (IIB), industry experts and panellists discussed how best to unlock the region's potential and ensure it stays on track. FMT highlights several key themes and their implications for Johor and beyond. Johor as a stable option in a fractured landscape With its strategic location and stable policy environment, Johor, together with its neighbour Singapore, is increasingly seen as a compelling and secure investment destination. IIB president and CEO Idzham Hashim said the JS-SEZ offers a secure entry point for global capital, especially amid rising geopolitical and economic headwinds. Citing Johor's consistent ranking in Malaysia's top three destinations for foreign direct investment, he said the region's relatively low operating costs further enhance its appeal. 'The cost of doing business in Johor is almost 60% cheaper than in Singapore and almost 30% cheaper than in Kuala Lumpur. 'We have the ability to help (Singaporean businesses) scale up, reduce their cost of doing business, and give them the space they need to grow,' he said. This positioning is supported by financial institutions facilitating inbound investment. One example is United Overseas Bank Ltd (UOB), which is helping investors enter the regional market. Chiok Sook Yin, who heads UOB's foreign direct investment advisory unit, said the bank offers full-spectrum support for businesses expanding into the region. 'Besides having strong network connectivity, we have financial supply chain management solutions that help investors expand local sourcing and support new suppliers that follow (prominent) companies into Malaysia. 'We're also helping lower the barrier to entry for investors and addressing their concerns before they enter the markets they've targeted,' she said. Deloitte Malaysia executive director Thean Szu Ping said the government is backing this push with robust fiscal incentives. High-tech industries, she said, qualify for a preferential tax rate of 5% for up to 15 years. Capital-intensive sectors, meanwhile, will receive an investment tax allowance. Policy continuity and clarity needed The resignation of former economy minister Rafizi Ramli, who had played a key role in shaping the JS-SEZ blueprint, has raised questions about the zone's future direction. Despite his assurances that existing initiatives would continue uninterrupted, industry leaders emphasised the need for unwavering policy commitment. UEM Group Bhd managing director Amran Hafiz Affifudin described continuity as the 'most important enabler' of business confidence. 'As a member of the business community, we like to see continuity in policy, especially as an infrastructure company. Our investments are long-term, so clarity and continuity of policy are very important. 'We are a business with heavy capital expenditure. Policy stability is critical,' he said. Johor investment, trade, consumer affairs and human resources committee chairman Lee Ting Han echoed this, noting that in today's unpredictable global climate, consistency attracts capital. 'In this era of uncertainty, investors and innovators seek environments where rules are transparent, decisions are predictable, and institutions are stable. Johor is ready to offer these,' he said. Growing Japanese interest in the region One of the most pronounced takeaways from the forum was the deepening interest of Japanese industry in Johor, reflected in the participation of companies like Mitsui Banking Corporation Malaysia, and AEON Co. In his closing remarks, Prime Minister Anwar Ibrahim revealed that Japanese prime minister Shigeru Ishiba had recently identified Johor as a region of strategic interest. Japanese ambassador to Malaysia Noriyuki Shikata pledged Tokyo's support for Johor's ambitions as a tech and infrastructure hub. 'Japan's liquefied natural gas cooling technology would offer an environmentally friendly and efficient cooling solution for Johor's data centres. 'By adopting this technology, the data centres in Johor could significantly improve energy efficiency while reducing their environmental impact as well as improving operational efficiency,' he said. He also offered Japan's AI-driven traffic control systems and digitally optimised public transport networks to help Johor overcome congestion challenges and become a model city for mobility solutions, not just for Malaysia, but for Asean and beyond. The momentum behind Japanese participation was further underscored by a memorandum of understanding signed between Invest Johor and Tokyo Stock Exchange-listed tech firm NEOJAPAN Inc to establish a Southeast Asian Centre of Excellence (SEA CoE) in Johor. The initiative aims to train 1,000 local talents and create 300 high-skilled jobs. Invest Johor CEO Natazha Hariss said the partnership is aimed at driving innovation and strengthening talent development across the JS-SEZ and will 'promote the JS-SEZ as a base for cutting-edge innovation and talent development'.
