Assura PLC Trading Update (8386X)
10 January 2022 - 6:00PM
UK Regulatory
TIDMAGR
RNS Number : 8386X
Assura PLC
10 January 2022
10 January 2022
Assura plc
Trading Update
For the third quarter of the year ending 31 December 2021
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
third quarter of the year to 31 December 2021.
Jonathan Murphy, CEO, said:
"It has been another strong quarter of progress as we have
swiftly deployed the proceeds of our successful November equity
placing.
"Our experienced internal investment and development teams have
ensured activity continues apace. In the last quarter we completed
GBP105 million of acquisitions. We have also moved on site with two
new development schemes and are currently on site with 14 schemes
at a total cost of GBP97 million. These activities build on our
recent track record of growing our portfolio and driving further
scale benefits, and our replenished pipelines provide further
significant growth opportunities.
"As the booster and vaccination programmes continue - with some
of our buildings acting as major hubs - the urgent need for
high-quality primary care capacity to support the significant
effort required to address the backlog from the pandemic will be in
even sharper focus in the coming months. Assura continues to be a
partner of choice to the NHS in helping to deliver this critical
capacity."
Strong investment activity in quarter, deploying equity issue
proceeds
-- Growing portfolio of 634 properties with current annualised rent roll of GBP132.5 million
-- Nine acquisitions completed in the quarter for a total cost of GBP105 million
-- Two development schemes moved onto site with a combined
development cost of GBP25 million (medical centre in Cardiff and
private facility in Kettering for Ramsay)
-- On site with 14 developments with a total cost of GBP97
million (September 2021: 12, GBP72 million)
-- Four lease regears completed (representing GBP0.1 million of existing rent)
-- Three capital asset enhancement projects completed (total
spend GBP1.9 million), and currently on site with a further three
projects (total spend of GBP2.2 million)
Development and acquisition pipelines provide significant growth
opportunities
-- Immediate development pipeline of 22 schemes, where we expect
to be on site within 12 months, totalling a further GBP166 million
(September 2021: 20, GBP145 million)
-- Immediate acquisitions pipeline of GBP71 million in legal
hands, which we would normally expect to complete in 3-6 months
(September 2021: GBP102 million)
-- 62 lease re-gears covering GBP7.7 million of existing rent roll in the current pipeline
-- Pipeline of 16 capital asset enhancement projects (projected
spend GBP15.0 million) over the next 2 years
Strong financial position
-- At 31 December 2021 net debt stood at GBP957 million with a
weighted average interest rate of 2.3%
- ENDS -
For further information, please contact:
Assura plc: Tel: 01925 420 680
Jayne Cottam, CFO Email: Investor@assura.co.uk
David Purcell, Head of Investor
Relations
Finsbury: Tel: 0207 251 3801
Gordon Simpson Email: Assura@Finsbury.com
James Thompson
Notes to Editors
Assura plc, a constituent of the FTSE 250 and the EPRA* indices,
is a UK REIT and long-term investor in and developer of primary
care property. The company, headquartered in Warrington, works with
GPs, health professionals and the NHS to create outstanding spaces
for health services in our communities. At 30 September 2021,
Assura's property portfolio was valued at GBP2,595 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association.
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END
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