MedicX Fund Acquires 12 Medical Centres For GBP63.8 Million

LONDON (Alliance News) - Healthcare infrastructure investor MedicX Fund Ltd said on Friday it has acquired a portfolio of 12 operational and fully let primary care medical centres for GBP63.8 million, adding 8.9% to the fund's portfolio value.

The portfolio is located throughout Northern England, and has a gross rent roll of GBP3.0 million per annum and a weighted average unexpired lease term of 14 years with a average lot size of GBP5.3 million.

The acquisition was made through the corporate acquisition of One Medical Property Holdings Ltd for GBP27.3 million, consisting of 3.8 million shares issued at a price of 80.0 pence per share and GBP24.3 million in cash. There was also the assumption of existing third-party debt facilities at fair value of around GBP36.7 million.

"I am delighted to announce this significant acquisition of a portfolio of high quality, purpose-built primary care centres. It is in line with our strategy of focusing on larger and locally strategic premises, which will deliver primary care services beyond the term of the existing occupational leases," said Chairman Helen Mahy.

"This off-market transaction is testament to the depth and quality of our relationships within the sector. The company has further pipeline opportunities at various stages of legal due diligence which it expects to complete in the coming months," Mahy added.

Shares in MedicX Fund closed down 0.7% at 81.20 pence on Friday.