Assura trumpets £84m spend on medical centres in Q3

Assura head office

Warrington-based primary care and developer Assura completed the acquisition of 22 medical centres and a development under a forward funding agreement for a total of £84m in the three months to December 31.

Assura now owns 498 medical centres with a total annualised rent roll of £87.4m (September 30 2017: £83.1m), with growth in the financial year to date driven primarily by acquisitions, the company said in its trading update for its third quarter.

In October, Assura issued £150m of unsecured eight and 10-year notes at a fixed rate of 3.04% and extended the revolving credit facility by a further £50m to £300m.

In December, it successfully raised a further £310m from both existing and new investors.

This capital has been swiftly deployed with £84m of assets purchased by the end of December 2017 and in January 2018, Assura redeemed the Aviva secured debt of £211m, plus early repayment costs of £56m.
Following this, gross debt stood at £430m with undrawn facilities of £230m.

Chief executive Jonathan Murphy said: “Assura continued to make good progress in the third quarter, further diversifying its funding structure and investing in primary health care real estate. We remain confident in the outlook for the business for the full-year.”

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