Aurelia Healthcare — Implementation Roadmap & Project Execution

The master implementation schedule across the phased pre-development, construction, operations ramp-up and ecosystem build-out, and the critical success factors and gating criteria.

Aurelia Healthcare Business PlanSection 8 › Implementation Roadmap & Project Execution

Section 8 · Business Plan

Implementation Roadmap & Project Execution

The master implementation schedule across the phased pre-development, construction, operations ramp-up and ecosystem build-out, and the critical success factors and gating criteria.

8.1 Master Implementation Schedule

The Aurelia development is structured as a 120-month (10-year)
program with clearly defined phases, gating criteria, and dependency
relationships. The accompanying Gantt chart provides a complete visual
representation of the master schedule including critical-path
activities, parallel work streams, and milestone dependencies.

Figure 8.1
Figure 8.1 — Master implementation Gantt chart, 10-year project horizon with critical milestones and dependencies

8.2 Phase I — Pre-Development (Months 0–9)

Workstream Start Duration Critical Outputs
Financial close & equity injection M0 3 months Definitive agreements; first capital draw
Site acquisition (Sandton/Modderfontein) M1 4 months Title transfer; due diligence; planning conformity
Regulatory & licensing approvals M2 7 months OHSC, HPCSA, Department of Health licenses
Hospital design & specification M3 8 months Schematic, detailed design, FFE specification
EPC contractor procurement M6 4 months Tier-1 EPC contract executed (anticipated: WBHO/Murray & Roberts JV)
Equipment & medical-tech procurement M6 12 months Long-lead equipment ordered (linacs, MRIs, cath labs)

8.3 Phase I — Construction (Months 9–34)

Workstream Start Duration Critical Outputs
Site works & foundation M9 5 months Bulk earthworks; piling; basement structure
Structural construction M12 12 months Topping out; building envelope complete
MEP & medical gas installation M18 9 months HVAC, electrical, medical gases, ICT cabling
Fit-out & medical equipment M24 7 months Theatre fit-out, ICU commissioning, equipment install
Commissioning & accreditation (COHSASA) M30 4 months COHSASA accreditation; OHSC certification; payer contracting

8.4 Phase I — Operations Ramp-up (Months 34–52)

First patient admission at the Aurelia Medical City flagship is
targeted for Project Month 34 (approximately Q3 2028 from a financial
close in Q4 2025). The 18-month ramp-up trajectory anticipates
progressive specialty activation (general surgery, internal medicine,
paediatrics in the first 6 months; cardiac, oncology, trauma in months
6–12; transplant and complex quaternary services in months 12–18), with
bed occupancy rising from approximately 38% in Year 1 to 78% by end of
Year 4.

8.5 Phase II — Regional Hospitals (Months 28–68)

Regional hospital development runs in parallel with flagship
operations, leveraging shared design templates (modular standardisation
reduces design and construction time by ~25% versus the flagship),
shared procurement, and shared operational protocols. Site acquisition
begins in Month 28 (overlap with flagship commissioning), with
construction sequenced to deliver Cape Town opening in Month 54, Durban
in Month 62, and Pretoria in Month 68.

8.6 Phase III — Ecosystem Build-out (Months 60–96)

The outpatient, dialysis, telemedicine, and PPP build-out commences
once the four core hospitals are commissioned and generating cash flow.
This phase represents the lowest capital intensity (USD 23 million) and
highest organic growth optionality, with site selection and specialty
programming informed by 24+ months of operational data from Phases I and
II.

8.7 Critical Success Factors & Gating Criteria

Stage Gate Trigger Criteria Decision Authority
Financial Close M0 All conditions precedent satisfied; senior debt and equity drawn Sponsor Board + Lenders
Construction Start (Phase I) M9 EPC contract executed; site permits issued; 30% of equity drawn Sponsor Board
Phase I Commissioning M30–M34 COHSASA accreditation; ≥80% specialist coverage agreements; payer contracts Sponsor Board + AfDB
Phase II Construction Start M28 Phase I 12-month occupancy ≥65%; Phase I EBITDA ≥ -USD 2M Sponsor Board + AfDB
Phase III Build-out M60 Group EBITDA margin ≥22%; Group DSCR ≥1.4x Sponsor Board
Strategic Exit M102+ Group EBITDA ≥USD 140M; market conditions supportive Sponsor Board + Lead Investors

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Aurelia Healthcare Holdings (Pty) Ltd.