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AXA exit triggers CareCapital float

By Elliott Davis on June 12 2006

Broker Daniel Stewart is seeking to raise £2.5 million of new money for CareCapital, the provider of property and clinical support services to the UK primary care sector. The group hopes to list on AIM in early July with a starting market valuation in the region of £33 million.

Led by chief executive Dr Michael Sinclair (boss of fellow AIM venture YooMedia) and managing director Paul Stacey – a former executive at Nuffield Healthcare – CareCapital currently owns a portfolio of 20 properties, 19 of which are mortgaged. These buildings are leased out to the primary healthcare sector, for use as medical centres, dental surgeries, pharmacies and the like.

On top of this current portfolio, which is estimated to be worth close to £10 million, the group claims to have a pipeline worth up to £54 million under evaluation.

One of the prime motivators for the AIM float appears to be to provide an exit for investor AXA REIM. In addition to the £2.5 million of new shares being offered to the market (which will be used to repay a loan to AXA) Daniel Stewart is hoping to place a further £18 million of equity on behalf of the real estate fund manager.

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