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Medical sale for Morgan Sindall as £23.9m raised

Morgan Sindall Group has raised £23.9m to invest in new projects by selling various medical interests.

Its Morgan Sindall Investments division has sold its NHS Local Improvement Finance Trust (LIFT) and other medical property interests in Community Solutions Investment Partners (CSIP) to Equitix Healthcare 2.

It has also sold to MedicX its shares in CSPC 3PD, which provides specialist property development and management services to primary care trusts and doctors.

Morgan Sindall has bought the half of Community Solutions Management Services that it did not own from Barclays European Infrastructure Fund and through this will continue to provide management services to CSIP’s investments under existing service agreements.  

Morgan Sindall said the investments concerned contributed £1.2m in operating profit for the year to December 2011 and had a book value of £11.7m.

Chief executive Paul Smith said: “These transactions enable the group to recycle its capital into other developing markets and investment opportunities, while at the same time providing the opportunity to work with Equitix on new healthcare developments in the future.”

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