CareCapital develops and invests in healthcare properties in the UK and Germany. It was started by chairman Dr Michael Sinclair and chief executive Paul Stacey in 1994. In 2004 it was restructured as a joint venture between Sinclair Montrose Trust and Asgard, a property fund managed by a subsidiary of insurer AXA, which was when £10m was injected into the business. CareCapital floated on Aim on 4 August 2006 at 30p a share but the £1.5m it raised was less than originally wanted. CareCapital develops or upgrades primary care medical centres (including pharmacies), intermediate care facilities, treatment centres and dental centres in the UK and Germany. Revenues are dominated by rents from buildings used by medical practitioners but the highest rental per metre comes from pharmacies.