Warrington-based healthcare real estate investment trust (REIT) Assura plc on Monday issued a trading update for the first half of the year to September 30, 2018.
“Assura has continued to grow during the period, completing the acquisition of 39 medical centres and two developments at a combined cost of £108.2 million,” said Assura.
“The additions have a combined passing rent of £5.5 million and a weighted average unexpired lease length of 13.3 years.
“We have continued to replenish the pipeline of acquisitions and developments, which currently stand at £107 million and £82 million respectively.”
The company works with GPs, health professionals and the NHS.
At March 31, 2018, Assura’s property portfolio was valued at £1.733 billion.
Assura now owns 556 medical centres with a total annualised rent roll of £96.9 million, up from £91 million on March 31, with growth in the financial year to date driven primarily by acquisitions.
On July 12, 2018, the company successfully priced a £300 million senior unsecured bond.
As at September 30, 2018, Assura’s gross borrowings stood at £660 million, and Assura has committed undrawn facilities of £300 million with which to fund its pipeline of acquisitions and developments.
Assura CEO Jonathan Murphy said: “We are delighted to have been assigned a rating of A- by Fitch and successfully raised £300 million from the senior unsecured bond.
“We continue to expand the portfolio, having invested £108 million in the first half of the year, and maintained the pipeline of future opportunities.
“We have good momentum in the business, with a strong pipeline of opportunities. We remain confident in the outlook for the business.”