Assura buys portfolio for £107m

The Warrington-based healthcare property developer and investor has acquired 28 medical centres from MP Realty Holdings Group.

The acquired centres have on average a lot size of £3.9m, an unexpired lease term of 15 years and are under 10 years old. The centres support the work of 230 GPs servicing the health requirements of about 320,000 patients.

The properties were acquired from Ray Seymour and Alistair Blacklaws, the founders of the MP Realty Holdings Group.

The consideration for the transaction is £10m in cash and 44.2m ordinary shares in Assura. The shares issued are valued at £18.9m.

In addition, Assura is assuming net debt of £77.7m and so the gross consideration is estimated as £107m after provisional costs.

Assura's portfolio now stands at 230 primary care medical centres with a contracted passing rent of £46.3m.

Graham Roberts, chief executive of Assura, said: "The acquired portfolio has been carefully constructed and managed over many years and represents a very good fit with our existing strong and growing portfolio.

"Ray and Alistair's approach to quality of design and construction and ongoing support for their GP occupiers mirrors our own philosophy and we look forward to providing continued support to their occupiers in the future."

Assura shares were up 0.75p this morning to 43.5p a share.

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