Acquisition of three primary

RNS Number : 1891A

The MedicX Fund Limited

05 October 2009

 



For immediate release                                                                                                         5 October 2009

MedicX Fund Limited

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

Acquisition of three primary care centres 

MedicX Fund Limited, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, 

primary healthcare properties in the United Kingdom, today announces that it has entered into a forward funding agreement to acquire three primary care centres at Ruabon (North Wales), Scholar Green (Staffordshire) and Middlewich (Cheshire). Expected completion dates are mid 2010 for Ruabon and late 2010 for Scholar Green and Middlewich.

The total acquisition cost of the three properties is anticipated to be £13.89 million and they have been valued by King Sturge LLP, valuers for the MedicX Fund, at £13.43 million after allowing for purchasers costs of £770,000.

The properties will be fully let to GP, PCT and pharmacy tenants for initial terms of 20 years (21 years at Middlewich) with an aggregate net rent of £882,516 per annum.  All leases provide for three-yearly rent reviews, the majority of the income being reviewed to open market value (£120,000 of the income is subject to three-yearly RPI increases).

The total property portfolio owned by the MedicX Fund now comprises 50 properties throughout the United 

Kingdom of which three are under construction with a further two due to commence on site late 2009/early 2010. The annualised rent roll for all properties is now £11.7 million.   

End

For further information please contact:

MedicX Fund                                   [phone]

David Staples, Chairman                     

MedicX Group                                  [phone]

Keith Maddin, Chairman

Mike Adams, Managing Director

Buchanan Communications               [phone]

Charles Ryland / Miranda Higham

 

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