Assura agrees to sell seven subsidiaries

Warrington-based GP landlord Assura Group has exchanged contracts to sell equity and debt in seven sites for £22.4m, at a premium over the current valuation of £11.2m.

The seven sites are all owned by Local Improvement Finance Trusts, special companies held by the public and private sector to develop and own medical centres let on long-term inflation-linked leases to NHS Commissioning Boards.

Assura, a Real Estate Investment Trust listed on the London Stock Exchange, said 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.

Graham Roberts, chief executive of Assura, said: "Following this sale announced today, we have now realised more than £30m 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."

Shares in Assura opened up 1p at 37.5p