Primary care property developer Assura achieved ‘another period of strong financial performance’ in the first half as it expanded the size of its portfolio and grew rental income.
The Altrincham-based firm’s portfolio grew to 612 properties in the six months to 30 September, with an annualised rent roll of £146.9million.
The FTSE-250 group also said that it has completed two developments in the period – Kettering and Wolverhampton – and one acquisition in Ireland that includes opportunity for a significant asset enhancement project.
Jonathan Murphy, CEO, of Assura, (pictured), praised the fact that the firm had delivered another period of strong financial performance and disciplined activity
Jonathan Murphy, CEO, of Assura, said: ‘Assura has delivered another period of strong financial performance and disciplined activity.
‘We have continued our focus on areas of strategic expansion to unlock value through several attractive portfolio additions.
‘This includes the completion of our state-of-the-art day case hospital in Kettering for Ramsay Healthcare, moving on site with an ambulance hub for the local NHS Trust in Bury St Edmunds which is designed to be net zero carbon in operation, and the acquisition of another high-quality asset in Ireland with a significant asset enhancement opportunity.’
The group also reported that it has completed five asset enhancement capital projects which accumulated to a total spend of £3.3million.
Some 152 rent reviews were settled in the quarter, covering £19million of existing rent and generating an uplift of £1.5million.
Murphy added: ‘In addition, we made good operational progress in the period. We settled 152 rent reviews to generate an uplift of £1.5 million, and – as separately announced today – we have refinanced our revolving credit facility, increasing the facility size, reducing the costs as a reflection of the strength of the business and adding sustainability-linked KPIs.
‘We continue to see growing and consistent demand for high-quality healthcare buildings in a community setting. Our leading market position, strong and sustainable balance sheet and pipeline of growth opportunities will allow us to continue to deliver against our proven strategy.’
Assura shares are down 1. 24 per cent to 41.38p in morning trading on Monday.
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