Specialist primary care investor MedicX Net’s asset value per share remained broadly stable for the six months ending March 2012, with an 0.5% decrease to 65.5pp.
The fund took advantage of low interest rates during the period to secure a £50m, 20-year debt facility from Aviva, at a fixed rate of 4.37%. Gearing levels remain fairly low at 32.4%.
The period also saw a spate of additions to the portfolio, with new committed investment of £46m in 11 properties, including five properties valued at £19.8m as part of a corporate acquisition in February.
Valuation of the portfolio, undertaken by Jones Lang LaSalle, remains unchanged from September 2011 at £275.6m. Rental income rose by 17% compared with the same period last year, and there are no vacant properties.
MedicX chairman David Staples said: “The company has had a very good start to the year. Low market interest rates have presented a very good opportunity to secure long-term debt and the fund took advantage of historic lows in gilt rates in February when we closed a new £50m facility with Aviva.
“Together with the funds raised from the successful £37m equity fund raising, also in February, and tap issues prior to and since then, this puts the company in a very strong position to take advantage of acquisition opportunities. The shares have performed well and we continue to deliver a good level of returns for shareholders.”
MedicX has a committed investment of £294.3m in 73 primary healthcare properties in the UK.
Sophia.furber@estatesgazette.com
