The MedicX Fund Limited Acquisition - primary healthcare centre in Ireland (0956G)
May 24 2017 - 4:00AM
UK Regulatory
TIDMMXF
RNS Number : 0956G
The MedicX Fund Limited
24 May 2017
For immediate release
24 May 2017
MedicX Fund Limited
("MedicX Fund", "the Fund" or "the Company")
Acquisition of new primary healthcare centre in Ireland
MedicX Fund, (LSE: MXF), the specialist primary care
infrastructure investor in modern, purpose-built, primary
healthcare properties in the United Kingdom and Ireland, is pleased
to announce the Company's fourth acquisition in Ireland having
contracted to acquire, by way of forward funding, a new primary
healthcare medical centre in Tallaght, Dublin 24. This is the
second scheme being developed under the Framework Agreement with
Feasible Developments and the property is due to be completed in
December 2017.
Upon completion, the building will be let to a number of GPs,
the Health Service Executive (the Irish NHS equivalent) and a
pharmacy operator. The GP and Health Service Executive leases will
be for a term of 25 years from practical completion and the
pharmacy term will be 15 years. The rent for all tenants is subject
to five-yearly CPI reviews. The total acquisition cost of the
property is approximately EUR15.5 million.
It remains the belief of Octopus Healthcare Adviser and the
Board that Ireland offers good yields for quality properties let on
long leases, generating principally government backed income and
making Irish healthcare property opportunities an attractive fit
with MedicX Fund's investment objective.
The acquisition will be part funded through borrowings drawn in
Euros from a recently agreed facility with the Bank of Ireland,
thereby providing a partial natural hedge against the Group's Euro
denominated assets. The new facility initially provides development
finance at a margin of 4% over EURIBOR which then reduces to 3%
once the asset reaches practical completion and the facility
becomes a five year term loan.
The MedicX Fund's total property portfolio comprises 157
properties throughout the United Kingdom and Ireland of which 152
are operational and fully let, with five under construction. The
annualised rent roll for all properties is now GBP40.0 million.
- End -
For further information please contact:
MedicX Fund +44 (0) 1481 723 450
David Staples, Chairman
Octopus Healthcare Group +44 (0) 20 3142 4820
Mike Adams, Chief Executive Officer
Canaccord Genuity +44 (0) 20 7523 8000
Andrew Zychowski/Helen Goldsmith
Buchanan +44 (0) 20 7466 5000
Charles Ryland/Victoria Hayns
Information on MedicX Fund Limited
MedicX Fund Limited (the "Fund" or the "Company", or together
with its subsidiaries, the "Group") is the specialist primary care
infrastructure investor in modern, purpose-built primary healthcare
properties in the United Kingdom and Ireland, listed on the London
Stock Exchange, with a portfolio comprising 157 properties.
The Investment Adviser to the Company is Octopus Healthcare
Adviser Ltd, which is part of the Octopus Healthcare group. Octopus
Healthcare invests in and develops properties as well as creating
partnerships to deliver innovative healthcare buildings to improve
the health, wealth and wellbeing of the UK. It currently manages
over GBP1 billion of healthcare investments across a number of
platforms, with a focus on five core areas: GP surgeries, care
homes, special education schools, retirement housing and private
hospitals. Octopus Healthcare is part of the Octopus group, a
fast-growing UK fund management business with leading positions in
several specialist sectors including healthcare property, energy,
property finance and smaller company investing. Octopus manages
GBP6 billion of funds for more than 50,000 retail and institutional
investors.
Octopus Healthcare Adviser Ltd is authorised and regulated by
the Financial Conduct Authority.
The Company's website address is www.medicxfund.com. Neither the
contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other
website), nor the contents of any website accessible from
hyperlinks within this announcement, are incorporated into, or
forms part of, this announcement.
The Company's Legal Entity Identifier is
2138008POF35FTNFCB25.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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