MedicX Fund Ltd. closed a £63.8 million private deal to purchase a portfolio comprising 12 primary care medical centers in the U.K.
The operational and fully leased assets, which increase the company's portfolio value by 8.9% and generate roughly £3.0 million in gross rent annually, have a weighted average unexpired lease term of 14 years, with an average lot size amounting to £5.3 million.
The deal was carried out through a corporate purchase of One Medical Property Holdings Ltd. and its subsidiaries for an aggregate of £27.3 million. MedicX also issued 3.75 million of its ordinary shares at a price 80.0 pence apiece to One Medical Property. Additionally, the company took over existing third-party debt facilities of approximately £36.7 million and paid £1.5 million of transaction costs.
The purchase boost the healthcare-focused real estate investment trust's total portfolio to 166 properties, of which 163 assets are operational and three are still being built.
