AHRF focuses on curated hospital typologies that can be replicated and
scaled across markets, including women and children’s hospitals, diagnostics
led community hospitals, surgical and day-hospital centres, specialist
oncology, cardiology and renal hubs, and anchor general hospitals in key
corridors. Each asset is held in a PropCo structure, with long-dated, NNN
style leases to strong local, regional or international operators. Leases are
designed with CPI-linked escalations, maintenance and ESG obligations on
the operator, and protective covenants at platform level.
This approach positions mission-critical hospitals as the strategic core of
AHRF – the primary engine for long-term, policy-aligned, covenant-rich cash flows.
Aligning with AHRF channels your capital into African cities where population surges
and hospital real assets undersupplied – pushing rents and values steadily higher.
Around each hospital anchor, we selectively develop or acquire mission
critical medical office and outpatient assets. These may include specialist
consulting suites, diagnostics centres, day-surgery facilities, physiotherapy
and rehab units, and ancillary clinical offices. In African cities, such assets
are increasingly important as healthcare delivery migrates toward outpatient
settings and closer-to-community access points.
Strategically, these medical office and outpatient buildings are our best
complementary or “satellite” play: they wrap the hospital anchor, capture
additional patient volumes and specialist activity, and add lighter, flexible
real-estate yield to the portfolio. Where appropriate, we structure master
leases to strong operators or curate a diversified tenant mix around the
anchor hospital. In all cases, the hospital remains the covenant centre of
gravity.
By aligning with AHRF, you gain exposure to the demographic megatrend reshaping
healthcare delivery, creating long-term value by serving a need that cannot be delayed or
outsourced.
AHRF is designed as an income-focused, institutional-grade
vehicle for qualified investors, including African HNWIs and
diaspora, family offices, pension and provident funds, insurers,
DFIs and impact investors. The fund aims to offer quarterly or
semi-annual distributions from rental income generated by long
dated, NNN-style leases, while targeting attractive total returns
over the medium term.
By separating hospital real estate ownership (PropCo) from clinical
operations (OpCo), and by locking in disciplined lease structures, investors
gain exposure to predictable, inflation-linked rental cash flows backed by
essential healthcare demand.
At the same time, we retain upside through value creation at the asset and
portfolio level – including yield compression as the real estates mature and as
African healthcare real assets gain broader recognition among global
allocators.
By partnering with AHRF, you gain access to a sector where billion-dollar institutions
are driving values—yet our vehicle lets private investors participate on equal footing,
capturing institutional-grade upside without writing institutional-sized checks.
AHRF’s properties are secured by long-dated leases to creditworthy
health systems, leading private operators, faith-based
organisations and specialist clinical groups. Operators invest
heavily in clinical fit-out and equipment, creating strong incentives
to stay in place over the long term.
Because the leases are structured on an NNN-style basis – with taxes,
insurance, maintenance and most operating costs borne by the tenant –
investors benefit from institutional-quality, professionally managed exposure
without day-to-day property management responsibilities. Your capital works
quietly in the background while local, regional and international operating
partners deliver care. AHRF and its partners handle origination, due
diligence, asset management, ESG reporting and governance.
Aligning with AHRF places your capital behind a formidable moat of technical,
regulatory, and financial barriers shielding returns from low-barrier competition.
Africa is the world’s youngest and fastest-urbanising continent, but
its cities also carry a dual burden: high rates of maternal and
child mortality and a rising tide of chronic diseases such as
hypertension, diabetes and cancer. Rapid urban population
growth, under-supplied public systems, and expanding middle
income segments create a deep structural need for new and
upgraded hospital capacity.
Public budgets alone cannot close this gap. Across many markets,
governments are opening space for private and public–private partnership
(PPP) solutions, while domestic and international insurers expand coverage.
DFIs and impact investors are under clear mandates to support health
systems, but require bankable, well-governed real asset platforms through
which to deploy capital. AHRF is designed to sit at that intersection –
translating demographic certainty into covenanted cash flows and
measurable health impact.
Our portfolio is designed for durability. AHRF offers investors a defensive strategy
backed by long leases, insured demand, and stability through economic cycles.
Healthcare is a fundamental need. In African cities, patients do
not defer emergency care, childbirth, dialysis or oncology treatment
because of currency volatility or GDP cycles. While patients may
trade down between public, faith-based and private providers, the
underlying demand for hospital and essential outpatient services
remains persistent – often rising in times of stress.
By focusing on mission-critical hospital uses and essential outpatient
services, AHRF positions investor capital in a defensive, needs-based
segment of the real asset universe. This defensive profile is further
strengthened by long lease tenors, inflation-linked escalations and diversified
operator and country exposure across the fund.
Investing with AHRF places your capital in facilities that historically operate at
90 percent-plus occupancy, delivering dependable revenue and minimizing downtime.
Globally and across Africa, many procedures that previously required long
inpatient stays are moving into day-hospital and outpatient formats.
Advances in surgical techniques, diagnostics and digital health tools are
reshaping how care is delivered. Payers and governments increasingly favour
cost-effective, closer-to-community models that free scarce acute-care beds for
more complex cases.
AHRF’s hospital typologies and complementary medical office strategies are
designed to align with this shift. Anchor hospitals act as acute-care and
referral hubs, while outpatient and specialist facilities – often co-located or
nearby – expand reach, improve patient experience and deepen the
framework’s lease base.
By partnering with AHRF, you gain exposure to the long-term tailwind of outpatient
care, where procedures are growing, reimbursement is flowing, and the built
environment must adapt to meet accelerating demand.
In many African cities, quality hospital and medical space is
structurally undersupplied. Licensing, technical requirements,
power and water resilience, and specialist engineering all create
natural barriers to entry. Well-located, well-built hospitals and
medical campuses therefore tend to run at high utilisation levels,
with strong renewal behaviour from operators.
Because clinical fit-out is capital-intensive and patient relationships are
geographically anchored, hospital and specialist tenants are far less mobile
than typical office occupiers. This “stickiness” supports long-term occupancy
and predictable renewals, reducing downtime and re-leasing risk for
investors.
Partnering with AHRF means owning properties whose tenants are financially and
operationally committed to staying in place, turning “sticky” occupancy
into long-term peace of mind.
For African and global investors already allocated to traditional
sectors such as offices, retail, logistics or residential, healthcare
real estate offers differentiated demand drivers and risk
characteristics. Returns are anchored in health-system needs and
demographic trends, not consumer sentiment or purely trade flows.
Image AHRF 2k
Allocating a portion of portfolio capital to AHRF can help dampen volatility
while maintaining attractive income and total return potential. As the
platform grows, investors gain diversified exposure across countries, cities,
operators and hospital typologies, all under a unified governance and
reporting framework.
Investing with AHRF injects true diversification into your holdings, balancing cyclical
sectors with the steady pulse of healthcare-backed income.
AHRF is being structured with clear alignment between sponsors
and investors. Sponsor capital is invested alongside Limited
Partners on the same economic terms, with performance-based
participation that only accelerates once investors have received
their preferred returns and capital back.
We prioritise conservative leverage, fixed or hedged debt structures where
appropriate, and disciplined acquisition criteria focused on creditworthy
operators, strong catchment areas, and robust DSCR at both asset and
portfolio levels. Governance is anchored in regular reporting, third-party
audits, independent valuations and transparent ESG and impact metrics
relevant to African healthcare infrastructure.
By partnering with AHRF, you capture a stream of long-term, inflation-hedged cash flow
underpinned by credit-worthy medical tenants, positioning your capital for steady
income, quarter after quarter.
The economics and exit strategy of AHRF are designed to balance
three priorities:
(i) reliable, inflation-linked income;
(ii) disciplined use of leverage and capital;
(iii) clear, institutionally credible exit pathways for investors.
Target Return Profile and Distributions
AHRF targets a blend of current income and capital appreciation over a
typical 8–10 year fund life. While final terms will be defined in the fund
documentation, the reference profile is: (i) regular cash distributions funded
by net rental income from long-dated NNN leases; and (ii) total-return
potential driven by asset-level value creation, yield compression and platform
scale. The objective is to deliver a risk-adjusted return consistent with core
plus healthcare real estate in emerging markets, while maintaining downside
protection through conservative underwriting and long lease tenors.
Capital Structure and Leverage Discipline
Each asset is capitalised using a mix of senior secured debt and equity,
calibrated to maintain prudent DSCR levels and resilience under interest
rate and FX stress scenarios. At portfolio level, we target moderate loan-to
value ratios, favouring amortising or partially amortising structures where
feasible and hedging material foreign-currency exposures. Our philosophy is
that leverage should enhance return on equity without becoming the primary
driver of performance.
Value-Creation Levers
Value creation in AHRF is driven by a combination of: (i) stabilising newly
developed or repositioned hospitals with strong operators; (ii) contracting
long-dated NNN leases with CPI-linked escalations and robust covenant
packages; (iii) clustering complementary outpatient and medical office assets
around hospital anchors; and (iv) implementing ESG and efficiency upgrades
that improve operating resilience and attract premium valuations from
institutional buyers. As the portfolio matures, we expect both rental growth
and cap-rate compression to contribute to NAV uplift.
Image AHRF 2l
AHRF is being structured with multiple, mutually reinforcing exit
routes. At the asset level, individual hospitals or campus clusters
may be sold to regional healthcare operators, local institutions,
Pan-African REITs or specialist infrastructure funds seeking
stabilised, income-generating assets. At the portfolio level, AHRF
may pursue a strategic sale of a sub-portfolio or platform interest
to a larger institutional sponsor once sufficient scale and track
record have been achieved.
In parallel, the sponsor will periodically assess the feasibility of migrating a
core pool of assets into a listed vehicle or REIT structure in an appropriate
African or international jurisdiction, thereby providing an additional
liquidity option for investors while preserving the operating platform. Any
decision to pursue a listing or large-scale portfolio sale will be guided by
market conditions, governance considerations and investor preferences.
Realisations and Capital Recycling
Realisation proceeds from asset or portfolio sales are first applied to return
investor capital and any accrued preferred return, in line with the fund’s
distribution waterfall. Subject to investor approval and prevailing market
conditions, a portion of proceeds may be recycled into new, higher-conviction
opportunities, allowing investors to benefit from the sponsor’s origination
pipeline without committing fresh capital. Throughout, AHRF will maintain
a transparent reporting framework so that Limited Partners can track
income, NAV progression and exit activity with investment-committee-grade
clarity.
AHRF is being structured with multiple, mutually reinforcing exit routes – with clear,
institutionally credible exit pathways for investors
The AHRF strategy is led by a team of experienced African real estate and
infrastructure specialists with a track record across hospital, logistics, office
and mixed-use assets, supported by a network of clinical partners, technical
advisers and capital markets professionals. This combination of local insight
and institutional discipline is critical to originating, structuring and
managing bankable hospital platforms in diverse African markets.
We focus on building durable relationships with operators, regulators, DFIs,
banks and specialist contractors in each target country, ensuring that each
project is compliant, technically robust and socially grounded from day one.
Aligning with AHRF positions your capital in a sector where disciplined, need-based
development keeps competition thin and rental pricing power strong.
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Invitation to African Diaspora and Institutional
Investors
AHRF is designed for investors who want their capital to do two
things at once: deliver resilient, inflation-protected income and
support the build-out of essential healthcare infrastructure in
African cities.
If you are an African HNWI or Member of the Global African Diaspora, a
family office, pension or provident fund, insurance company, DFI, impact
fund or other institutional allocator, we invite you to explore partnership
with us.
By joining the AHRF investor community, you will receive access to detailed
platform materials, city-by-city roll-out plans, hospital typology briefs,
covenant and capital-stack overviews, and regular portfolio reporting. You
will also gain priority consideration in future capital raises as the platform
scales from initial seed assets towards a Pan-African network of 250+
mission-critical hospital sites over the next decade.
To register your interest, please contact the AHRF team or your N3
CAPITAL AFRICA relationship manager. Together, we can convert Africa’s
healthcare infrastructure gap into a disciplined, mission-driven real asset
opportunity.
AHRF is being structured with multiple, mutually reinforcing exit
routes. At the asset level, individual hospitals or campus clusters
may be sold to regional healthcare operators, local institutions,
Pan-African REITs or specialist infrastructure funds seeking
stabilised, income-generating assets. At the portfolio level, AHRF
may pursue a strategic sale of a sub-portfolio or platform interest
to a larger institutional sponsor once sufficient scale and track
record have been achieved.
In parallel, the sponsor will periodically assess the feasibility of migrating a
core pool of assets into a listed vehicle or REIT structure in an appropriate
African or international jurisdiction, thereby providing an additional
liquidity option for investors while preserving the operating platform. Any
decision to pursue a listing or large-scale portfolio sale will be guided by
market conditions, governance considerations and investor preferences.
Realisations and Capital Recycling
Realisation proceeds from asset or portfolio sales are first applied to return
investor capital and any accrued preferred return, in line with the fund’s
distribution waterfall. Subject to investor approval and prevailing market
conditions, a portion of proceeds may be recycled into new, higher-conviction
opportunities, allowing investors to benefit from the sponsor’s origination
pipeline without committing fresh capital. Throughout, AHRF will maintain
a transparent reporting framework so that Limited Partners can track
income, NAV progression and exit activity with investment-committee-grade
clarity.
AHRF is being structured with multiple, mutually reinforcing exit routes – with clear,
institutionally credible exit pathways for investors
