Health property firm splashes out £67m on eight medical centres

Assura head office

Warrington based health property business Assura has completed the acquisition of eight medical centres at a combined cost of £67m.

The firm said in a trading statement that it has invested £175m in the last 12 months through the acquisition of 45 medical centres and completion of two developments.

Assura has continued to replenish the pipeline of acquisition opportunities and developments either on site or in legal hands, which currently stand at £86m and £84m respectively.

The company said it continues to see an improvement in the approval process for developments with work starting on site in Tonbridge, Kent on a new medical centre.

Work continues to progress well on the four other schemes currently on site, including a new primary care centre to serve 20,000 patients in South Woodham Ferrers, Essex.

Assura expects work to start early in 2019 on site at Newtown, Birmingham, creating a new building for an 11,000 patient practice.

The firm also disposed of 11 properties having acquired them as part of recent portfolio acquisitions. Gross proceeds were £6m.

Rental income increased to £99.8m and Assura now owns 553 medical centres.

Jonathan Murphy, CEO, said: “We are pleased to provide another positive trading update on our business, with £67m of additions to the portfolio in the last three months helping grow our rent roll to £99.8m.

“Meanwhile we continue to replenish our pipeline of acquisitions and developments which currently stands at £170m.

“Our successful growth and the secure nature of our income has enabled us to increase our dividend by 5% to 0.685 pence per quarter, with effect from the January 2019 payment.”

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