Assura rent roll passes £41m

Warrington-based healthcare property landlord Assura Group said rents rose by 2.19% in 26 reviews settled between 1 October 2013 and 13 February 2014.

The weighted average annual rent increase of 2.19% on the basis of 26 reviews settled in the period brought the financial year to date increase to 2.53% on the basis of 81 rent reviews settled. Of these, 64 reviews related to 2013 review dates and the annualised increase was 3.12% mostly driven by RPI based reviews and stepped uplifts.

The annualised rent roll is now £41.7m (September 2013: £40.7m) and the increase is primarily from rent reviews and completed developments.

Four developments at Willington, Redditch, Harlech and Chapel House and three extensions at Upton, Bishop Auckland and Stockton completed since 1 October 2013. These add £1.0m to annualised rents at a yield on total cost of 6.9%.

Five developments at Lanchester, Sudbury, Market Weighton, Blaenavon and Silsden are currently on site with an estimated combined value on completion of £23.1m.

Graham Roberts, chief executive, said: "The recent completion of the sale of our interests in several LIFT schemes has provided us with a boost to our net asset value of 2 pence per share and gross proceeds of over £22m for us to re-invest into primary care property. We remain ideally positioned to support GPs in providing the premises to meet the increasing demands being placed on the primary care sector."

Shares in Assura were unchanged at 41p.

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