Mills & Reeve act for GPIC on joint venture with MedicX Fund

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We have acted for General Practice Investment Corporation Limited (GPIC), a leading developer of primary healthcare centres, on a joint venture agreement with MedicX Fund Limited, a specialist primary care infrastructure investor.

The joint venture agreement will be a 50:50 jointly controlled company called GP Property Limited. GP Property Limited will be an investor in UK primary healthcare properties, let to GPs or directly to the NHS on leases of less than 15 year terms. GP Property Limited will look to form strategic partnerships and make strategic investments in situations that are expected to lead to future estate rationalisation and improvement. MedicX Fund has agreed to commit up to £15 million of initial funding to the joint venture, and GPIC will provide asset management and development expertise. 

GPIC is already involved in a framework agreement with MedicX Fund, under which around £77 million of modern purpose built primary healthcare properties have been delivered into the Fund since 2012, and on which Mills & Reeve has advised. 

The Mills & Reeve team was led by real estate partner Simon Sherwood who said: “This is an important joint venture for the companies involved and one which we were delighted to work on. Our experience and knowledge across the real estate investment and health care sectors put us in the ideal position to advise GPIC on this exciting venture. We look forward to seeing GP Property Limited flourish.” 

Ian McArdle, Managing Director of GPI said: “We are delighted to have further strengthened our relationship with the MedicX Fund and importantly provided a new platform from which to further support and partner our many stakeholders within the health sector, to assist them deliver their estate transformation strategies. Mills & Reeve continue to provide GPIC with first class legal support across all our business activities.”

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