Assura grows with 30 more medical centres for £65m
WARRINGTON-based primary care property investor and developer Assura made “good progress” in the quarter to June 30, completing the acquisition of 30 medical centres for £65.4m.
The facilities have a rent roll of £4.1m and a weighted average unexpired lease length of 14.1 years.
Listed Assura said has a further pipeline of individual asset acquisitions and developments currently in solicitors’ hands worth £105m.
Assura now owns 351 medical centres with a total annualised rent roll of £68.4m (March 31 2016: £63.8m), with growth in the financial year to date driven primarily by acquisitions.
On May 18 Assura secured a new £200m revolving credit facility on an unsecured basis to replace the existing facility. Undrawn facilities currently stand in excess of £115m.
At June 30 Assura’s loans stood at £411.9m, with a weighted average cost of debt of 4.55% (31 March 2016: 4.84%) and a weighted average debt maturity of 10.2 years.
Executive chairman Simon Laffin said: “We have had another active quarter as we continue our strong growth.
“Our greater financial flexibility positions us well, while our investment strategy is continuing to generate value.
“Assura is increasingly well positioned to help the NHS develop the modern and effective primary care infrastructure that is so necessary for this country.”
