Acquisition of nine primary care medical centres

RNS Number : 0693C

The MedicX Fund Limited

12 March 2014

 



Press Release

For immediate release                                                                                    

12 March 2014

MedicX Fund Limited

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

Acquisition of nine primary care medical centres

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 completed the acquisition of Lunn Healthcare Properties Limited, a portfolio of nine operational and fully let primary care medical centres. The transaction is consistent with the Fund's investment strategy of acquiring modern, purpose built primary healthcare properties and with its stated aim of continued portfolio growth.

The purchase is by way of a corporate acquisition for a total cost of £24.6 million including transaction costs.  The transaction is neutral to net asset value.

The nine medical centres are located throughout the North of England and this acquisition increases MedicX Fund's total property portfolio to 133 primary healthcare properties of which 127 are operational and fully let, with 6 under construction.  The Fund's total annualised rent roll for all properties following the acquisition increases to £31.2 million from £29.6 million.

As part of the transaction, the Fund has agreed options to sell four of the nine medical centres to a party connected to the sellers, for a total price of £5.5 million.  It is anticipated the disposals will be completed in the second quarter of 2014 and a further update will be provided at that point.

David Staples, Chairman of MedicX Fund, said:

"The acquisition of the Lunn Healthcare portfolio is the fourth portfolio acquisition MedicX Fund has completed in the last three years and I am delighted to announce this significant transaction which once again highlights MedicX Fund's ability to acquire high quality properties on attractive terms.

Total committed investment since 30 September 2013 is now £37.0 million which takes the value of committed investment in the Fund's portfolio to £493.8 million.  

The portfolio continues to perform well and the Company continues to deliver a good level of return for its shareholders."

End

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 133 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 29 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.

 

END

 

 

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