Aviva Investors has provided MedicX Fund with a £264.5m (€297.3m) refinancing loan.

The £347bn assets under management arm of the insurer Aviva said it has provided a new 15-year facility to MedicX. The new facility refinances existing loans and increases the total debt by £30.8m, is secured against 90 modern purpose-built medical centres.

Gregor Bamert, the head of real estate finance, Aviva Investors, said: “We are very pleased to have supported MedicX since its formation in 2006 and this transaction shows our ongoing commitment as its largest debt partner.”

Helen Mahy, the chairman of MedicX, said: “We are delighted to have agreed a refinancing with our long-term funding partner, Aviva Investors.

“The new arrangements will improve operational efficiency and free up property collateral, enabling MedicX to undertake identified asset management projects and negotiate new facilities at competitive rates, which should reduce MedicX’s average cost of debt.”