MedicX Fund, the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom, has completed the acquisition of a portfolio of seven operational, fully let primary care medical centres, together with seven further properties under construction. The purchase is by way of a corporate acquisition of GPG No.5 Limited for a cash consideration of £10m including transaction costs of £0.8m and the assumption of existing debt facilities of £34.7m of which £21.4m is drawn. The completion of the development of the seven properties under construction will be managed by General Practice Investment Corporation Limited (GPI), a third party developer of primary care properties, which will retain all of the development and construction risk. MedicX has also negotiated a framework agreement with GPI giving the fund first right to forward fund future projects adding £35m to the funds pipeline. The completed properties within the acquired portfolio are on average less than one year old whilst the total acquired portfolio benefits from 38% RPI indexed leases with a further 5% subject to fixed uplifts, the balance being subject to open market reviews. This portfolio of assets is spread throughout England and increases MedicX funds total property portfolio to 121 properties. Of these 109 are complete and operational and 12 are under construction. The funds total annualised rent roll for all properties following the acquisition increases to £27.9m from £25.1m with the portfolio as a whole having an average unexpired lease term of 17.2 years as at 24 May 2013.