MedicX Fund has bought nine primary care medical centres through the £24.6m corporate purchase of Lunn Healthcare Properties.
The transaction for the fully-let centres located throughout the North of England is neutral to net asset value.
The disposals are expected to complete in the second quarter of 2014 and a further update will be provided at that point.
As part of the transaction, the fund has agreed options to sell four of the nine medical centres to a party connected to the sellers for a total price of £5.5m.
The deal boosts MedicX’s total property portfolio to 133 primary healthcare properties of which 127 are operational and fully let, with six under construction.
The fund’s total annualised rent roll for all properties following the acquisition will rise to £31.2m from £29.6m.
MedicX Fund said the transaction was consistent with its investment strategy of acquiring modern, purpose-built primary healthcare properties and with its stated aim of continued portfolio growth.
MedicX Fund chairman David Staples said: “The acquisition of the Lunn Healthcare portfolio is the fourth portfolio acquisition MedicX Fund has completed in the past three years and I am delighted to announce this significant transaction which once again highlights MedicX Fund’s ability to acquire high-quality properties on attractive terms.
“Total committed investment since 30 September 2013 is now £37m, which takes the value of committed investment in the fund’s portfolio to £493.8m.
“The portfolio continues to perform well and the company continues to deliver a good level of return for its shareholders.”
bridget.oconnell@estatesgazette.com
