Assura in strong position to build new health facilities
Altrincham-based listed healthcare asset management business Assura has revealed that its recently acquired portfolio of 14 private hospitals bought for £500 million has delivered rental income of £29.4 million.
In a trading update issued to the Stock Market this morning the company said the overall portfolio now stands at 625 properties with an annualised rent roll of £179.1 million (March 2024: £150.6 million).
Jonathan Murphy, Assura CEO
Jonathan Murphy, CEO, said the company has made ”strong strategic progress” in the first half of the year.
“The £500 million acquisition in August of a private hospital portfolio accelerates the delivery of our broader healthcare strategy while our £250 million joint venture with USS diversifies our funding. We are also very pleased to have been certified as the first FTSE 250 B Corp recognising our high standards of social and environmental performance,” he said.
“The purchase of 14 UK private hospitals materially increases our exposure to the structurally supported private healthcare market as we continue to diversify our offering to meet changing UK healthcare demands. The joint venture with USS, the UK’s leading private pension scheme, provides a new source of funding and opportunities to recycle capital into our growth pipeline.
“The need for investment in healthcare infrastructure was starkly outlined by the recent Lord Darzi report – which found the primary care estate to be plainly not fit for purpose and more than 1 million people to be waiting for community services. We are at an inflexion point in the UK, with structural changes to the delivery of healthcare services, the Government targeting preventative services in a community setting, and rising demand for private providers. Assura has firmly positioned itself to facilitate this change, being well-placed to work with all healthcare providers to deliver high-quality, sustainable facilities for the long-term.
The business has net debt of £1,575 million (March 2024: £1,217 million) on a fully unsecured basis with cash and undrawn facilities of £143 million.
Full results for the six months ended 30 September 2024 will be announced on 14 November 2024.
