Assura PLC Trading Update (5754T)
July 21 2015 - 2:00AM
UK Regulatory
TIDMAGR
RNS Number : 5754T
Assura PLC
21 July 2015
Assura plc
Trading Update
For the period to 20 July 2015
Continued strong growth
Assura plc ("Assura"), the UK's leading primary care property
investor and developer, today publishes a trading update for the
period from 1 April to 20 July 2015.
Significant further investment
Assura has made further good progress in the year to-date,
completing the acquisition of 33 medical centres for a total gross
consideration of GBP52.9 million with a passing rent of GBP3.2
million and a weighted average unexpired lease length of 16.1
years. The total consideration for the above transactions was
GBP50.4 million in cash and GBP2.5 million in shares.
In addition to these acquisitions, Assura has a pipeline of
individual asset acquisitions and developments currently in
solicitors' hands of GBP48 million. Assura also has further
development opportunities in excess of GBP50 million, all of which
are dependent on NHS authorisations.
Further rental growth achieved
The annualised rent roll is now GBP58.9 million (March 2015:
GBP55.6 million) with growth driven primarily from acquisitions. In
addition we are maximising income through active asset
management.
During the period we agreed lettings on 3,700 square metres of
vacant space with a rental value of GBP0.4 million.
The weighted average annual rent increase was 1.15% on the basis
of 30 reviews settled in the financial year to date, of which open
market rent reviews reflected an annual growth of 0.84%.
Market developments
We continue to see excellent risk adjusted returns in primary
care real estate. There are positive signs that the importance of
fresh investment in primary care infrastructure is now widely
recognised, and that the NHS is looking to address this. The launch
of the GBP1 Billion Primary Care Infrastructure Fund, the Five Year
Forward View and The Better Health for London report all recognise
the role investment in primary care property needs to play in
improving efficiencies and health outcomes for the NHS.
Financing
On 20 May 2015 we secured a new five year revolving credit
facility for GBP60 million at an initial margin of 170 basis points
with a club of three banks and the first drawdown on this new
facility has now been completed. Undrawn facilities currently stand
in excess of GBP50 million and we continue to see strong demand
from both existing and potential new lenders to provide funding
beyond our current pipeline.
Graham Roberts, Chief Executive, commented:
"This has been another period of intense activity for Assura as
we continue to build scale in primary care property, which will
continue to drive our progressive dividend policy. Importantly, we
see opportunities to drive further profitable growth ahead. There
are also encouraging signs that the approval of primary care
developments is at last receiving priority. Whilst there is a lead
time between initiation and completion, we look forward to seeing
developments return as a significant contributor to growth in the
future, which will provide additional returns to our shareholders
over time."
-ENDS-
Enquiries
Assura plc Tel: 01925 420660
Graham Roberts
Jonathan Murphy
Carolyn Jones
Finsbury Tel: 0207 251 3801
Gordon Simpson
Notes to Editors
Assura is a long-term investor in and developer of primary care
property. The company, headquartered in Warrington and listed on
the London Stock Exchange, works with GPs, health professionals and
the NHS to create innovative property solutions in order to
facilitate delivery of high quality patient care in the community.
At 31 March 2015, Assura's property portfolio was valued at GBP925
million.
Further information is available at www.assuraplc.com .
This information is provided by RNS
The company news service from the London Stock Exchange
END
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