Property firm invested £108m in the first six months of the year

Assura health centre

Property investor and developer Assura has invested £108m in property in the first half of the year.

The firm issued a trading update this morning.

Assura has continued to grow during the period, completing the acquisition of 39 medical centres and two developments at a combined cost of £108.2m.

The additions have a combined passing rent of £5.5m and a weighted average unexpired lease length of 13.3 years.

The company has continued to replenish the pipeline of acquisitions and developments, which currently stand at £107m and £82m respectively.

Assura now owns 556 medical centres with a total annualised rent roll of £96.9m with growth in the financial year to date driven primarily by acquisitions.

In July the company successfully priced a £300m senior unsecured bond with a tenor of 10 years and fixed interest rate of three per cent per annum.

As of the end of September Assura’s gross borrowings stand at £660m with a weighted average cost of debt of 3.28% and a weighted average debt maturity of 8 years.

The company has committed undrawn facilities of £300m with which to fund the pipeline of acquisitions and developments.

Jonathan Murphy, chief executive, said: “We are delighted to have been assigned a rating of A- by Fitch and successfully raised £300m from the senior unsecured bond.

“We continue to expand the portfolio, having invested £108m in the first half of the year, and maintained the pipeline of future opportunities.

“We have good momentum in the business, with a strong pipeline of opportunities. We remain confident in the outlook for the business”

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