Update: Growing secure cash flow
The 7.2% 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. Debt is currently fixed at c 4.5% with similarly long duration. FY14 saw new equity of £48m invested, and more; we forecast further asset growth in FY15 and beyond, with some modest re-gearing from a low c 50%. Growth prospects for the primary care sector are strong and, despite some yield compression, the spread over funding costs remains attractive.MedicX Fund is a closed-ended investment company and a U.K. Real Estate Investment Trust. Co. is the holding company of a number of subsidiaries. Co., together with its subsidiaries, is a primary healthcare infrastructure investor in purpose-built primary healthcare properties in the U.K. and Republic of Ireland. As of Sep 30 2017, Co. had 156 primary care properties across the U.K., including 151 completed properties and five properties under development. Octopus AIF Management Limited acts as Co.'s Alternative Investment Fund.
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