Assura hits share issue target

The primary care property developer and investor has raised £180.2m through its latest share issue.

Warrington-based Assura announced on 24 September that it planned to raise £175m through the share issue to fund the development and acquisition of new primary healthcare properties.

At the time the company said it had a "near term pipeline" of projects costed at £95m, and has agreed non-binding heads of terms to acquire a portfolio of 11 purpose-built medical centres for £62m, in a mix of equity and debt.

Commercial terms have been agreed on 13 further individual asset acquisitions for £18m in total. There are seven developments with an estimated future expenditure of approximately £15m, five of which are already on-site.

A total of 414,252,873 new ordinary shares will be issued at the offer price of 43.5p.

Graham Roberts, chief executive of Assura, said: "This share issue has been significantly oversubscribed reflecting the investment community's clear willingness to support the development of primary care infrastructure in the UK. The proceeds will allow Assura to build on its leading position in the sector and to continue to provide the NHS with the quality, fit for purpose primary care space it needs."

Assura shares were down slightly to 43.5p.

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