Interim Management Statement

RNS Number : 4631B

The MedicX Fund Limited

18 August 2008

 



For immediate release

18 August 2008

MedicX Fund Limited

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

Interim Management Statement

The Board of Medicx Fund, (LSE: MXF), announces its Interim Management Statement, as required by the Disclosure and Transparency Rules.

Financial position

There have been no significant changes to the financial position of the Company since the interim results were issued on 27 May 2008.

Investment activity

The Company has performed in line with expectations since 31 March 2008.

In April the Company completed the sale of the Aird Medical Centre, Beauly for £1.37 million. The property was one of the smaller properties in its portfolio and was valued by DTZ Debenham Tie Leung at £1.33 million at 30 September 2007.  In May the Company entered into a forward funding agreement to acquire a primary care medical centre at Ossett, near Wakefield.  The total acquisition cost of the property is £8.32 million.

During the period, the Company has also completed the development of its property at Edgware.

To date the Company has investments and commitments amounting to £166m in 45 properties, including five under construction.

Market and property valuations

There have been limited transactions in the investment market. Valuations for primary care property investments are proving more resilient than in other property sectors, reflecting the attractiveness of the long term secure income offered by government-backed primary care assets. Yields for prime properties, such as those within the MedicX Fund portfolio, have remained relatively firm. The next external valuation is due as at 30 September 2008.  

Dividends

On 11 July 2008 the Company paid a dividend of 2.6p per share, an increase of 4% compared with the previous year's interim dividend.

End

For further information please contact:

MedicX Fund	[phone]
Jorge Tavares, Chairman
MedicX Group	[phone]
Keith Maddin, Chairman
Mike Adams, Managing Director
Buchanan Communications	[phone]
Charles Ryland / Mary-Jane Johnson

 

END

 

 

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