Sale of LIFT Investments

RNS Number : 7934T

Assura Group Limited

25 November 2013

 



25 November 2013

Assura Group Limited ("Assura" or the "Company")

Sale of LIFT Investments

Assura Group Limited ("Assura"), the UK REIT(1) and leading primary care property investor and developer, announces that it has exchanged contracts to sell the equity and loan note investments it holds in seven LIFT(2) companies for a combined consideration of £22.4 million. This represents a premium over current book value of £11.2 million (before costs), which equates to over two pence per share on a net assets basis.

The contracts are conditional on relevant third party consents from LIFT project counterparties and on equity fundraising by one of the potential acquirers.  It is anticipated that completion will be before the financial year-end.

Further detail and background on the transaction will be provided in the investor presentation on the Interim half year results at 9 am on 26 November 2013 to be held at RLM Finsbury, Tenter House, 45 Moorfields, London.

Graham Roberts, CEO commented:

"Following this sale announced today, we have now realised more than £30 m from our non-core assets and LIFT investments in the last 18 months, as we to continue to increase our focus on developing, owning and managing primary care properties.

- Ends -

For more information, please contact:

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

(1)  Real Estate Investment Trust

(2)  Local Improvement Finance Trusts

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.

Local Improvement Finance Trusts ("LIFTs") are companies held by the public and private sector to develop and own medical centres predominantly let on long term inflation linked leases to NHS Commissioning Boards. 

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

 

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