Active first quarter for healthcare property group
Assura, the Warrington healthcare property firm, reported an “active first quarter” in a trading update covering the period to June 30.
It said it has a strong portfolio of 565 properties with a current annualised rent roll of £110.2m.
Seven acquisitions were completed in the period for a combined total of £35m, while 20 assets were sold for £17m.
The group is currently on-site with 18 developments, with a total cost of £95m.
It has an immediate development pipeline totalling £60m, while its immediate acquisitions pipeline stands at £51m, which it would normally expect to complete in three-six months
The group has a pipeline of 21 capital asset enhancement projects, with a projected spend of £15m, over the next two years.
At June 30, gross debt stood at £767m, with undrawn facilities of £300m.
All construction sites are now active, and the June quarter rents being received are in line with normal patterns.
Chief executive, Jonathan Murphy, said: “We’ve had an active first quarter, as we continued to deliver strategic and financial progress across all areas of the business, despite these uncertain times for the UK.
“Our business model remains resilient and robust, as demonstrated by normal patterns of recent rent collections and all our development sites being active in line with social distancing guidelines.
“Our social purpose – to create outstanding primary care properties that sit at the heart of our local communities – has never been more important than it is today, and we are making good progress with our recently launched sixbysix social impact strategy.
“As lockdown restrictions gradually ease, we are working closely with our GP partners to ensure we best support the NHS and respond to evolving market needs as part of the ‘new normal’.
“Primary care will play a crucial role as the UK seeks to rebuild and recover from the COVID-19 crisis and we are engaging with government to ensure that it remains a key area of investment going forward.”