Rising demand for quality healthcare spurs Assura
Primary care property investor and developer Assura has confirmed it delivered rent roll of £146.9m.for the six months ended 30 September 2023.
Technically the business made a pre-tax loss of £17.8m following a revaluation of its portfolio but Jonathan Murphy, chief executive said the Altrincham-based company’s £2.7 billion portfolio of 612 properties is backed up by an efficient capital structure.
As predicted in October passing rent roll increased 2% to £146.9 million (March 2023: £143.4 million) with WAULT of 11 years and net rental income was up 1% to £70.8 million (2022: £70.0 million).
Murphy said: “Assura has successfully delivered another period of growth by maximising returns on our existing portfolio and maintaining a disciplined approach to developments and asset enhancement opportunities as we proactively responded to the evolving economic backdrop. This approach extended to our portfolio and balance sheet management, as we successfully completed our 100th development project and delivered dependable cash flows while also refinancing our revolving credit facility to lock in flexible financing to drive future growth.
“As we ready for our next phase of growth, we are focused on leveraging our proven track record and market expertise to further expand our efforts in areas of emerging opportunities. Each of these areas respond to a distinct healthcare challenge to provide additional, quality capacity for services in a community setting. These include developing for private providers, working directly with NHS Trusts and mental health services as well as bringing our expertise to the Irish market.
“The need for high-quality healthcare buildings in a community setting is more pronounced than ever, with one third of the UK’s current GP estate in need of replacement, an ageing population and growing pressures on the health system. Our market-leading position and strong balance sheet see us well-placed for long-term future growth.”
