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MedicX Fund (MXF)

Business description

MedicX Fund is a specialist REIT, listed on the premium segment of the LSE, investing in primary healthcare infrastructure in the UK and the Republic of Ireland.

Q1 NAV update shows strong valuation gains

Update | Property | 20/02/2015

The 7.0% prospective yield on MedicX shares is supported by secure cash flows on a broad portfolio of modern primary care properties, on long leases, with quasi-government backing. Existing debt is fixed at c 4.5%, with similarly long duration, and the Fund is negotiating new debt on recently improved terms. Growth prospects for the primary care sector are strong and the spread over funding costs remains attractive despite some yield compression, making acquisitions more expensive, but also driving valuation gains (£9.1m in Q115 alone). Q1 asset and rent growth are consistent with our expectations and the pipeline of new investment opportunities remains strong.

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Stock data

Market cap.£347.5m
Last close81.000p
High / Low (52 weeks)92.2p / 76.4p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual(1.2)(1.7)(10)
Relative *(0.5)(7.8)(13.3)

* % Relative to local index

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