News Column

Assura Group Upbeat As It Adds To Portfolio

July 31, 2014

Anthony Tshibangu

LONDON (Alliance News) - Healthcare property investors Assura Group Ltd Thursday said it has continued its strong progress into its current financial year, adding to its portfolio since the end of March and increasing its annualised rent roll.

In an interim management statement for the period April 1 to date, the company said it has acquired a portfolio of 28 high-quality, modern medical centres from the founders of MP Realty Holdings Group for GBP107 million and Park Medical Services Ltd, which owns one modern high quality, fully-let medical centre in Middlesbrough in a deal worth GBP12.3 million.

In turn, annualised rent roll has increased to GBP48.9 million, from GBP41.8 million at the end of March, said Assura.

The Warrington-based company said since April 1 it has completed or exchanged on GBP2.4 million of non-core property sales with GBP14 million of non-core assets remaining.

Assura Group also said it has made progress with its development programme and in West Yorkshire it completed one new GP surgery adding GBP200,000 in annualised rent roll.

Financially, the company said it has a loan-to-value ratio of 65% compared with 62% at the end of March.

"The group has continued its strong progress into this financial year," Chief Executive Graham Roberts said in a statement. "We have an exciting development programme, have added to our strong portfolio, and now have a passing rent roll of GBP48.9 million. We remain dedicated to delivering the high quality primary care space that this country increasingly needs."

Assura Group shares were quoted flat at 44.00 pence Thursday morning.

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Source: Alliance News

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