MedicX Fund Limited Acquisition of new primary healthcare centre
MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Benllech, Anglesey. The property is due to be completed in May 2016.
The acquisition is being made under the framework agreement with General Practice Investment Corporation (“GPI”) which was agreed in May 2013. GPI have a strong pipeline of projects with a number expected to be contracted in the coming year.
The completed development will be let to a GP practice and the Betsi Cadwaladr University Local Health Board. All leases will be for a term of 20 years from practical completion. The rent is subject to three-yearly effectively upwards only market rent reviews. The total acquisition cost of the property is £2.9 million.
The MedicX Fund’s total property portfolio now comprises 142 properties throughout the United Kingdom of which 134 are operational and fully let, with eight under construction. The annualised rent roll for all properties is now £34.0 million.