FINANCE: The MedicX Fund’s EPRA NAV slipped by 4.1p per share over the year to 30 September to 65.3p.
However, the company’s rent roll grew by 13.9% to £32.8m over the year, with 90% of rents coming from the NHS.
The vehicle now has investments of £518.2m in 137 properties, an increase in value of 13.5% since October last year. The portfolio produces a net initial yield of 5.68%. The fund returned 12% to shareholders this year, down from 13% last year.
The MedicX Fund bought six new development projects this year, in Buckley, Peterborough, Stevenage, Devonport, Poringland and Briton Ferry, representing an investment of £26.5m. All were under construction as of the end of September.
The fund has identified an investment pipeline of £100m, of which £93m is for forward funding opportunities.
Chairman David Staples said: “We are delighted to have reached the milestone of having a portfolio of modern primary healthcare properties with a value in excess of £0.5bn, which forms a key part of the delivery of primary care in the UK. We estimate that the portfolio serves approximately 2% of the UK population.”
