Acquisition of a new primary healthcare centre

RNS Number : 1981H

The MedicX Fund Limited

15 May 2014

 



Press Release

For immediate release                                                                                    

15 May 2014

MedicX Fund Limited

("MedicX Fund", "the Fund" or "the Company")

Acquisition of a new primary healthcare centre

MedicX Fund (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom, is pleased to announce that it has contracted to acquire, by way of a forward funding agreement, a new medical centre with a pharmacy in Peterborough.  The property is due to be completed in June 2015. 

This is the second scheme MedicX Fund has purchased under the framework agreement with General Practice Investment Corporation ("GPI") which was agreed in May 2013 at the time of acquisition of GPG No.5 Limited.  GPI have a strong pipeline of projects with a number expected to be contracted this calendar year.

The property will be let to a GP practice and pharmacy.  Both tenants will take 21 year leases subject to three-yearly rent reviews. The total acquisition cost of the property is anticipated to be £6.7 million.

The MedicX Fund's total property portfolio now comprises 134 primary care properties of which 129 are operational and fully let, with five under construction. The Fund's total annualised rent roll for all properties is now £31.6 million.

Total committed investment since 30 September 2013 is now £43.8 million which takes the value of committed investment in the Fund's portfolio to £500.5 million.  

David Staples, Chairman of MedicX Fund, said:

"We are delighted to have reached the milestone of having committed £0.5 billion in modern primary healthcare properties that form such a key part of the delivery of primary care in the UK.  We estimate that the portfolio serves approximately 2% of the UK population.  The Fund has performed well and we look forward to growing further and continuing to generate progressive long term returns for shareholders".

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For further information please contact:

MedicX Fund                                                                  [phone]

David Staples, Chairman

MedicX Group                                                                [phone]

Keith Maddin, Chairman

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

Canaccord Genuity Limited                                              [phone]

Andrew Zychowski / Helen Goldsmith

Buchanan                                                                      [phone]

Charles Ryland / Sophie McNulty

Information on MedicX Fund Limited

MedicX Fund Limited (the "Company", or together with its subsidiaries, the "Group") is the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom, listed on the London Stock Exchange, with a portfolio comprising 134 primary healthcare properties.

The Investment Adviser to the Company is MedicX Adviser Ltd, which is authorised and regulated by the Financial Conduct Authority and is a subsidiary of the MedicX Group. The MedicX Group is a specialist investor, developer and manager of healthcare properties with 30 people operating across the UK.  

The Company's website address is www.medicxfund.com.  Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website), nor the contents of any website accessible from hyperlinks within this announcement, are incorporated into, or forms part of, this announcement.

 

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