Interim Management Statement

RNS Number : 4218L

Assura Group Limited

12 August 2013

 



Assura Group Limited

Interim Management Statement

For the period to 9 August 2013

Assura continues to deliver rental growth

Assura Group Limited ("Assura"), the UK's leading primary care property investor and developer, today publishes its interim management statement for the period from 1 April to 9 August 2013.

Rental growth

·    The weighted average annual rent increased by 2.71% in the financial year to date on 47 rent reviews settled.  Of these, 36 reviews related to 2013 review dates and these grew by an annualised 2.64% entirely driven by RPI based reviews and stepped uplifts.

·    Reflecting these rent reviews and recently completed developments our annualised rent roll is now £36.4m (March 2013: £35.9m).

Developments

·    Three developments at Huithwaite, Maidstone and Y Felinheli have completed since 1 April 2013 with a combined value of some £7.4m adding £0.5m to annualised rents.

·    9 developments at Leicester, Redditch, Willington, Sudbury, Market Weighton, Blaenavon, Harlech, Silsden and Chapel House and 2 extensions at Stockton and Upton are currently on site with a combined value on completion of £39.9m.

Continued progress in non-core disposals

·    1 core and 3 non-core assets have been sold in the financial year to date for £2.8m.

·    The sale of land at Scarborough is expected to complete following the conclusion of the Department of Transport public inquiry into the required road closure scheduled for the 15th October 2013. Assuming the Department of Transport gives its approval, the Group will receive £7m proceeds towards the end of this financial year. 

Financial position

·    There has been no significant change to the financial position of the Group during the period.

Graham Roberts, Chief Executive, commented:

"I am pleased to report continued healthy rental growth from our strong pipeline of developments and completed rent reviews. We believe there are further opportunities to add value in this market."

-ENDS-

Enquiries

Assura Group Limited	Tel: [phone]
Graham Roberts Carolyn Jones
Oriel Securities Mark Young	Tel: [phone]
Roger Clarke
RLM Finsbury	Tel: [phone]
Gordon Simpson

Notes to Editors

Assura Group 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 2013, Assura Group's property portfolio was valued at £569 million.

Further information is available at www.assuragroup.co.uk.

 

END

 

 

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