16 Dec 2014 16:25
For immediate release
16 December 2014
MedicX Fund Limited
("MedicX Fund", "the Fund" or "the Company")
Acquisition of two new primary healthcare 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 contracted to acquire, by way of forward funding, two new primary healthcare medical centres in Maidstone and Kingsbury. The properties are due to be completed in September and November 2015 respectively.
The acquisitions have both been made under the framework agreement with General Practice Investment Corporation ("GPI") which was agreed in May 2013. GPI have a strong pipeline of projects with a number expected to be contracted in the coming year.
Maidstone will be let to a GP practice, Kent & Medway NHS & Social Care Partnership Trust and a pharmacy. All leases will be for a term of 20 years from practical completion. The rent is subject to three-yearly rent reviews, 66% of the total being indexed to RPI with the balance subject to market reviews. The total acquisition cost of the property is £7 million.
Kingsbury will be let to a GP practice and a pharmacy. Both leases will be for a term of 20 years from practical completion. All of the rent is subject to three-yearly rent reviews indexed to RPI. The total acquisition cost of the property is £4.8 million.
The MedicX Fund's total property portfolio now comprises 139 properties throughout the United Kingdom of which 131 are operational and fully let, with eight under construction. The annualised rent roll for all properties is now £33.5 million.
- End -
For further information please contact:
MedicX Fund +44 (0) 1481 723 450
David Staples, Chairman
Octopus Healthcare Group +44 (0) 1483 869 500
Mike Adams, Chief Executive Officer
Mark Osmond, Chief Financial Officer
Canaccord +44 (0) 20 7523 8000
Andrew Zychowski/Helen Goldsmith
Buchanan +44 (0) 20 7466 5000
Charles Ryland/Sophie McNulty
Information on MedicX Fund Limited
MedicX Fund Limited ("MXF", "MedicX Fund", "the Fund" or "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 139 properties.
The Investment Adviser to the Company is Octopus Healthcare Adviser Ltd, which is authorised and regulated by the Financial Conduct Authority and is a subsidiary of the Octopus Healthcare Group. The Octopus Healthcare Group is a specialist investor, developer and manager of healthcare properties with 33 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) is incorporated into, or forms part of, this announcement.