Assura ‘untouched by Brexit’

Assura acquired 30 medical centres for £65.4m in the first three months of its financial year and has a further £105m of acquisitions in solicitors’ hands.

The Warrington-based healthcare property developer said the first quarter acquisitions added £4.1m to the rent roll. The 30 assets had an average unexpired lease length of 14.1 years. Assura now owns 351 medical centres with a total annualised rent roll of £68.4m.

Simon Laffin, executive chairman, said: “We have seen no direct impact to date from the recent EU referendum, although we realise that the result may create political and economic uncertainty, which could affect investment in primary care infrastructure. However, the need for investment in primary care premises is recognised by the NHS as a priority, as more services are being provided by the primary care sector and there is also an increasing need to meet the health needs of a growing and ageing population.

“We have had another active quarter as we continue our strong growth. Our greater financial flexibility positions us well, while our investment strategy is continuing to generate value.”

In May, Assura secured a £200m credit facility on an unsecured basis to replace the existing facility. Undrawn facilities currently stand in excess of £115m.

At 30 June 2016, Assura’s loans stood at £411.9m, with a weighted average cost of debt of 4.55% (31 March 2016: 4.84%) and a weighted average debt maturity of 10.2 years. At the same date, Assura’s pro forma net loan-to-value ratio was 33% (31 March 2016: 30%).

Shares in Assura opened on flat at 56p on Tuesday, valuing the company at £930m.

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