21st Mar 2005 07:00
Medical Property Investment Fd Ltd21 March 2005 21 March 2005 Enquiries: Richard Burrell/Peter Dickson Tel: 020 7659 6271 Berrington Fund Management Limited www.berringtonfm.com Billie Clarricoats Tel: 020 7294 3688 Lansons Communications The Medical Property Investment Fund Limited (the 'Company') Full-year Results to 31 December 2004 The Medical Property Investment Fund is a support services company listed on theLondon Stock Exchange. The Company was launched in November 2003 and will havefinancial resources of circa £400m to invest in primary care. This inaugural set of results is in respect of the period ending 31 December2004. • Good first year result with 46 sites acquired (a further 14 sites in solicitors' hands)1 • Over £175m of capital committed1 • Average net initial yield on capital committed circa 7% • Growing pipeline of acquisitions and developments • BHE acquisition fully integrated, more opportunities in LIFT3 arising • Gross income of £7.6m with retained profit of £0.3m net of all launch and property acquisition expenses • Final dividend 2.67p2 making 4p in total 1 As at 15 March 2005 2 Ex-dividend date 30 March 2005, Record date 1 April 2005, Payment date 11 April 2005 3 Local Improvement Finance Trusts are part of the Government's aim to procure investment in primary care and community-based facilities and services. Commenting on the Results, Richard Burrell, Investment Manager to the Company,said: "We are pleased with the development of the Company during its first year. Wehave acquired 46 properties to date and we have a strong pipeline of potentialacquisitions and developments. The new GP contract introduced in 2004 promotes premises flexibility and scaleand with the shift from secondary care to primary care we see significantopportunities for more medical providers (e.g. pharmacy) to co-locate within ourpremises. The Company is well placed to participate in the trend towards the developmentof larger health care centres and further LIFT consolidation. We consider thiswill be a key driver of shareholder value and as a result, more resources arebeing allocated to this part of the business. We are on track to deliver the asset-backed income growth and over the next 12months we will continue to focus on building the Company's portfolio ofproperties and developments." The full text of the Annual Results are available on RNS. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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