Primary care infrastructure investor MedicX has completed the acquisition of a 31-strong portfolio of fully-let primary care centres.
The portfolio has a cash yield of 6%, based on a total acquisition cost of £91.9m, and takes MedicX’s total property portfolio up to 106 assets.
David Staples, chairman of MedicX Fund, said “Having already acquired 13 properties since 1 October 2011, we are delighted to have closed this corporate acquisition of a further 31 completed and fully-let purpose-built primary care medical centres.
“Total committed investment since 1 October 2011 is now £144m, which takes the amount of committed investment in the fund’s portfolio to £392m. These investments will enable the fund to fully draw down its existing debt facilities and utilise the equity proceeds raised earlier in the year, reducing any cash drag impact on returns.
“Following this acquisition approximately 2% of the UK population will be registered in GP practices within buildings owned by the MedicX Fund.”
sophia.furber@estatesgazette.com
