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Husselbee prescribes surgeries

Multi-manager John Husselbee of North Investment Partners is buying into MedicX, a fund which invests in doctors’ surgeries.

He says the move will allow him to play property and healthcare themes in the diversified absolute return and UK select alpha portfolios he runs for City Financial.

MedicX is a closed-ended fund listed on the London Stock Exchange. It is managed by a specialist company and invests in purpose-built doctors’ surgeries let to the NHS on leases of around 15 years.

The MedicX portfolio comprises 45 properties and two more are in the pipeline.

Husselbee says MedicX offers an attractive yield in the region of 8 to 9 per cent and is trading on a small discount to its net asset value, so there is scope for growth.

He says: “It is more than property, it is a play on primary healthcare. The Government is trying to get more treatments carried out at doctors’ surgeries and wants to cut down on time spent with consul- tants. We are effectively buying a Government-backed security with a higher yield than 10 to 30-year gilts.”

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