Lunn Healthcare portfolio snapped up by investor

A PORTFOLIO of Yorkshire medical centres has been acquired.

Investor MedicX Fund has bought Lunn Healthcare Properties for £24.6m.
 
Leeds-based Lunn’s nine medical centres are located throughout the North of England. The deal increases Guernsey-based MedicX Fund’s total portfolio to 133 primary healthcare properties and the Fund’s annual rent roll for all properties following the acquisition increases to £31.2m from £29.6m.
 
MedicX said it has agreed options to sell four of the nine medical centres to a party connected to the sellers, for £5.5m.  It’s anticipated the disposals will be completed in the second quarter of this year.
 
David Staples, chairman of MedicX Fund, said: “The acquisition of the Lunn Healthcare portfolio is the fourth portfolio acquisition MedicX Fund has completed in the last three years and I am delighted to announce this significant transaction which once again highlights MedicX Fund’s ability to acquire high quality properties on attractive terms.
 
“Total committed investment since September 30 2013 is now £37m which takes the value of committed investment in the Fund’s portfolio to £493.8m.  
 
“The portfolio continues to perform well and the company continues to deliver a good level of return for its shareholders.”