MedicX Fund Net Asset Value Rises In Third Quarter As Portfolio Grows

LONDON (Alliance News) - The MedicX Fund Ltd on Monday said its net asset value rose in the third quarter of its current financial year as it added 13 properties to its portfolio.

The company, which invests in primary healthcare properties in the UK, said its portfolio value increased by 11% to GBP797.9 million in the three months to the end of June from GBP719.7 million as at the end of March.

During the period, MedicX completed GBP67.0 million in acquisitions, adding 13 properties to its portfolio.

Annualised rent roll also grew by 7.9% to GBP43.9 million from GBP40.7 million reported at the end of the prior quarter.

As a result, net asset value per share improved by 1.5% to 80.50 pence from 79.30p as at the end of March.

Shares in MedicX were trading broadly flat on Monday at 81.63p each.

Looking forward, the company said it intends to continue its strategy of selectively buying high quality, larger, locally strategic and sustainable properties as it believes that its discipline of not overpaying for its acquisitions will deliver sustainable long-term returns for shareholders.