Assura adds to portfolio in £62.5m swoop
ASSURA Group, the Warrington-based healthcare developer, has acquired a rival with a portfolio of medical centres for £62.5m.
It has bought Sunderland-based Trinity Medical Properties and its sister company Trinity Medical Developments which have 32 medical centres.
The portfolio has a rent roll of £4m with a weighted average unexpired lease term of 16.2 years. It is let to GPs, NHS Bodies and pharmacy operators.
Chief executive Graham Roberts said: “We are delighted to have acquired such a high quality portfolio of 32 medical centres, which increases our passing rents by over 10% with income underpinned by the NHS for an average unexpired lease length of over 16 years.
“The acquisition will allow us to further enhance our outperformance of the sector, and illustrates the incremental returns our internally managed model can deliver from growth in our portfolio.”
Trinity’s audited results for the year to March 31 showed an annual profit before and after tax of £700,000 and £600,000 respectively. Assura expects to reduce interest charges by £100,000 and strip out a further £100,000 in overheads.
Assura is paying £6.9m in cash and will take on Trinity’s debt of £52.1m and other liabilities. Following the deal Assura will have 197 primary care properties with a contracted passing rent of £40.7m.
