Specialist healthcare property fund MedicX has posted a small decrease in net asset value per share (NAV) in the second quarter.
NAV slipped from 65.5p per share in March to 64.7p during the period.
The quarterly valuation of the portfolio stood at £286.1m, unchanged from March. However, MedicX estimates that the current valuation is £371m, taking into account a spate of acquisitions made since 30 June.
The fund announced that it had bought a clutch of 31 properties in a corporate acquisition in July, taking its total number of assets under management up to 106. The portfolio has a cash yield of 6%, based on a total acquisition cost of £91.9m.
MedicX pushed ahead with development plans during the second quarter, completing three primary health centre in Rochdale, East Cowes and Hirwaun.
The fund also sold one of the smallest assets in its portfolio during the period. The Churchside Medical Centre in Mansfield, Nottinghamshire, changed hands for £1.24m, slightly below its March 2012 valuation.
sophia.furber@estatesgazette.com
