6th Nov 2014 09:31
LONDON (Alliance News) - Assura Group Ltd on Thursday said it has struck a deal to buy a portfolio of 11 medical centres, while also saying it has agreed a deal in principle to develop a further four centres.
The real estate and primary care property investor said it has bought 11 medical centres in a GBP63.1 million deal via the acquisition of Metro MRI Ltd.
Under the deal, Assura will buy Metro for GBP18.5 million plus GBP44.3 million in assumed debt. It will pay the GBP18.5 million consideration to buy Metro's share capital by issuing 18.8 million new Assura shares at 50 pence per share and paying GBP9.1 million in cash.
Assura shares were down 0.5% to 49.75 pence on Thursday morning.
The deal increases Assura's medical centre portfolio to 247 primary care centres.
The group also has agreed a deal in principle with Metro to fund a further four medical centres which, on completion, are expected to have a value of GBP21 million.
"Following our successful fund raise last month, we are delighted to add 11 outstanding medical centre investments to the four schemes we announced earlier this week. In addition we are pleased to continue our association with the vendors, securing a further four new high quality schemes, with exceptional lease lengths, which they will develop on our behalf," said Assura Chief Executive Graham Roberts.
By Sam Unsted; [email protected]; @SamUAtAlliance
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