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CareCapital

  • BY: Andrew Hore |
  • POSTED: 24/09/2008 |

Healthcare properties developer and investor CareCapital continues to grow its development portfolio.

CareCapital has 14 developments in the UK and three in Germany in progress and a number of other opportunities. It has strong prospects and the main thing holding back the pace of expansion is a lack of cash. The company added £4m of debt facilities in the first half.

The chairman Dr Michael Sinclair will provide a £4m loan to the company - assuming it receives shareholder approval at the end of October.

This additional cash should be enough to last until the end of 2009.

Rental income increased 38% to £1.31m in the six months to June 2008. Rent reviews produced an average rent increase of 8.2%. The revaluation gain fell from £959,000 to £255,000. Net debt is £32m.

CareCapital shares dipped 0.625p to 9.25p a share, valuing the company at £7.1m.

The shares are trading at a 54% discount to forecast 2008 NAV of 20p a share. 

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