Assura sells properties for working capital
WARRINGTON healthcare provider Assura Group has sold three properties for £5.7m to meet its working capital needs.
In separate deals, it has exchanged contracts with Willowdale Investments, Prime Oak Investments and Carnell Investments for the sale of three properties from its medical property portfolio in Hampstead, Oxted and Denton.
Assura said the properties, which generated annual rents of around £390,000, were not core assets and that their disposal was part of its long-term strategy to sell around ten investment properties during 2009.
It added that the sale price was 5% ahead of valuation, with a profit on disposal of around £260,000 over the book value of the assets.
Assura has a further two investment properties for disposal in solicitors’ hands with contracts due to exchange later this month.
In the full-year year to March 31 2009, the group recorded a trading loss of £2.7m compared to £5.4m last time. Revenue was up 19% to £48.3m.
