The MedicX Fund has bought 12 properties for a total €64 million (£46.2m) before costs.
The Fund, which specialises in modern purpose built primary healthcare properties, said it completed the acquisition of 11 properties, nine of which have already been built with two under construction and due to complete in May and October 2007.
The properties are currently owned by Medcentres 2006 Ltd which will be acquired by MedicX Fund for €14.3 million (£10.3 mln) from NJ Arnold. Medcentres 2006 has debt net of cash of €36.5(£26.3 mln) and a working capital balance of €833.000(£600,000). In addition its unit MedicX Properties I Ltd is to buy a property in Wisbech for €8.3 million (£6 mln) directly from NJ Arnold for an aggregate €22.6 million (€16.3 mln) with €21.9(£15.8 mln) in cash and €708,000 (£510,000) in MedicX Fund shares issued at €1,41(£1.02) per share paid to NJ Arnold. MedicX said the two projects under construction require a further €5.8 million(£4.2 mln) to complete. Medcentres 2006 Ltd will be renamed MedicX Properties IV Ltd.