MedicX to make first acquisition in Ireland

MedicX Fund, the specialist primary care infrastructure investor agreed to acquire a new primary healthcare medical centre in Westmeath, its first acquisition in Ireland, for €10.1m.

The purchase, which was carried out by way of forward funding, followed a significant due diligence exercise into the opportunities available in the Irish healthcare property market.

The property was due to be completed in August 2016 and let to a number of GPs and the Health Service Executive, which is the Irish equivalent of the NHS.

"It is 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, making Irish healthcare property opportunities an attractive fit with MedicX Fund's investment objective," the firm said.

"The yields available in Ireland are currently higher than are available for similar properties in the UK. It is anticipated that any investment in Ireland will be part-funded through additional borrowings drawn in euros, thereby providing a natural partial hedge against Euro currency movements."

MedicX was expecting to acquire further healthcare properties in Ireland in the future.

The share price was 0.7% higher at midday on Friday at 81.82p.