Trading Update

RNS Number : 6551T

Assura PLC

05 July 2018

 

5 July 2018

Assura plc

Trading Update

For the first quarter to 30 June 2018

Continued progress on deployment of capital 

Assura plc ("Assura"), the UK's leading primary care property investor and developer, today publishes a trading update for the first quarter to 30 June 2018.

Value enhancing investment and development activity

We continued to make progress in the first quarter, increasing the size of the pipeline by £73 million to £225 million, made up of acquisitions of £162 million and £63 million of developments.  In addition to growing the pipeline we completed the acquisition of six medical centres and two developments at a combined cost of £23.0 million.  The additions have a combined passing rent of £1.2 million and a weighted average unexpired lease length of 19.9 years.  

Rental income increased

Assura now owns 525 medical centres with a total annualised rent roll of £92.3 million (31 March 2018: £91.0 million), with growth in the financial year to date driven primarily by acquisitions.

Strong financial position

In the period we have agreed an additional £100 million unsecured revolving facility with Barclays Bank plc and HSBC plc on the same terms as the existing facility, taking our overall revolving facilities to £400 million.

As at 30 June 2018, gross debt stood at £510 million with undrawn facilities of £250 million.

Jonathan Murphy, CEO, commented:

"We have continued to deploy capital in the first quarter and identify new opportunities to grow the pipeline which can all be funded from current facilities.

We remain confident in the outlook for the year."  

- Ends -

For more information, please contact:

Assura plc	Tel: [phone]
Jonathan Murphy Jayne Cottam Orla Ball
Edelman	Tel: [phone]
John Kiely Brett Jacobs Rob Yates

Notes to Editors

Assura plc, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property. The company, headquartered in Warrington, 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 2018, Assura's property portfolio was valued at £1,733 million.

Further information is available at www.assuraplc.com 

*EPRA is a registered trademark of the European Public Real Estate Association 

 

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