Assura trumpets £84m spend on medical centres in Q3
01 February, 2018
category: Property News
Warrington-based primary care and developer Assura completed the acquisition of 22 medical centres and a development under a forward funding agreement for a total of £84m in the three months to December 31.
Assura now owns 498 medical centres with a total annualised rent roll of £87.4m (September 30 2017: £83.1m), with growth in the financial year to date driven primarily by acquisitions, the company said in its trading update for its third quarter.
In October, Assura issued £150m of unsecured eight and 10-year notes at a fixed rate of 3.04% and extended the revolving credit facility by a further £50m to £300m.
In December, it successfully raised a further £310m from both existing and new investors.
This capital has been swiftly deployed with £84m of assets purchased by the end of December 2017 and in January 2018, Assura redeemed the Aviva secured debt of £211m, plus early repayment costs of £56m.
Following this, gross debt stood at £430m with undrawn facilities of £230m.