‘More growth ahead’ for Assura
The Warrington-based primary care property investor and developer has increased its rent roll by £3.3m in the last three months, and secured 40,000 sq ft of lettings.
According to a trading update published for the period 1 April to 20 July 2015, Assura’s annualised rent roll is now £58.9m, compared to £55.6m in March, with growth driven primarily from acquisitions.
Assura said that the 40,000 sq ft of new lettings during the period would bring in a rental value of £400,000.
So far in 2015 Assura has completed the acquisition of 33 medical centres for £52.9m with a passing rent of £3.2m and a weighted average unexpired lease length of 16.1 years.
In addition to these purchases, Assura said that it has a pipeline of acquisitions and developments currently in solicitors’ hands worth £48m, and further development opportunities of more than £50m, all of which are dependent on NHS authorisations.
Earlier this year Assura announced a 51.2% increase in pre-tax profit to £36.6m for the financial year to 31 March 2015, up from £24.4m in 2014.
In May the company secured a five year revolving credit facility for £60m, and has already drawn down around £10m.
Graham Roberts, chief executive of Assura, said: “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.”
Shares in Assura this morning were down 1.25p to 54p.