Trading update

RNS Number : 2913L

CareCapital Group plc

04 May 2010

 



04 May 2010

CARECAPITAL GROUP PLC

("CareCapital" or "the Company")

Financial Close of Project

£4.5 million Development of Allesley Park Community Centre, Coventry

CareCapital plc (AIM: CARE), the healthcare real estate developer and owner, is pleased to announce the completion of contract and funding arrangements for the development of a new Community Centre, with a total floor area of 2,555 square meters, located in Allesley Park, Coventry.  The Centre will comprise a public library of 405 square meters, a medical centre of 844 square meters, a pharmacy of 154 square meters and community/medical services areas of 779 square meters.  Construction is expected to commence in early July 2010 with completion in August 2011.  Total expected development cost for the entire project will be £4.5 million. 

The library is being funded by Coventry City Council and the medical centre and pharmacy by Primary Health Properties PLC (under a pre-sale framework agreement announced on 8 February 2010).  The Company will fund, and retain for letting, the community/medical services areas for £ 600,000 from its existing financial resources.  CareCapital will act as developer for the whole project and will provide facilities management for the completed building. 

Commenting on the project close, Paul Stacey, Chief Executive of CareCapital, said, "This is a landmark project for the City of Coventry and for CareCapital which will provide much needed community and medical services and will enable us to deliver a valuable asset let to long term high quality tenants."

For further information please visit www.carecapital.co.uk or contact:

CareCapital Group Plc	Daniel Stewart & Co. Plc	Tavistock Communications
Paul Stacey, Chief Executive	Simon Leathers	Simon Hudson Paul Young
Tel: [phone]	Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]	[e-mail] [e-mail]

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Notes to Editors

CareCapital is a developer and investor in primary healthcare real estate, partnering GPs, dentists and other clinical providers - in the UK and Germany - to develop uniquely tailored, cost-effective and sustainable care facilities.  CareCapital has a current portfolio value of £39.9 million (as at 31 December 2007).

 

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