MedicX invests in Kilkenny – MedicX has announced its fifth acquisition in Ireland. The new member of the portfolio, Ayrfield Medical Park in Kilkenny, is a standing investment and has been purchased by way of a sale and leaseback to the doctors who developed the centre in 2011.
In addition to the large GP practice, the 2,700 sq m building is let to the Health Service Executive (the Irish NHS equivalent), a pharmacy operator, a dental practitioner, a cafe and several other complementary healthcare providers. The GPs and Health Service Executive leases have over 18 years remaining and the pharmacy and dental operators have long leasehold interests. The rents are subject to five-yearly CPI reviews. The total acquisition cost of the property is approximately €7.8 million.
MedicX Fund’s total property portfolio now comprises 153 properties throughout the United Kingdom and Ireland of which 147 are operational and let, with six under construction
About MedicX
MedicX Fund is a specialist primary care infrastructure investor in modern purpose-built primary healthcare properties, principally let to GPs and primary care trusts in the United Kingdom. It is a self managed closed-ended investment company, incorporated in 2006 and domiciled in Guernsey. The Fund receives investment advice from MedicX Adviser, a member of the MedicX Group, which is a specialist investor in, developer of and manager of healthcare properties.
The Fund’s investment objective is to achieve rising rental income and capital growth from the ownership of a portfolio of mainly modern, purpose built, primary healthcare properties. The properties in this growing asset class form part of the core UK healthcare infrastructure and provide strong covenants with a long term secure and rising cash flow.
The key objective of MedicX Fund is to increase net income over time to support a rising dividend and provide capital growth. The key areas for this growth will come from rent reviews, expanding or re-configuring space, re-gearing leases and operating cost reductions. The Investment Adviser regularly reviews the entire property portfolio and has regular meetings with tenants to ensure that buildings are meeting the local healthcare needs and to identify opportunities for value enhancement.
MXF : MedicX invests in Kilkenny