2nd Apr 2020 10:52
(Alliance News) - Assura PLC on Thursday said rents received in March, the final month of its financial year, were "in line with normal patterns" but noted a higher risk of pipeline delays going forward due to Covid-19.
The primary care property investor and developer said rent in its final quarter ended March 31 aligned with typical patterns and it completed 13 acquisitions in the three month period for a combined GBP54 million.
Assura also completed a single disposal for GBP800,000 and exchanged contracts for another 20 property disposals for GBP17 million in total. These disposals are set to complete within the next few weeks.
Chief Executive Jonathan Murphy said: "Assura is working closely with the NHS and our GP partners to make sure we can best support the health service through the Covid-19 crisis. We are also assisting occupiers to optimise the use of space in their buildings and offering vacant space to the NHS where we can. We are continuing to follow closely the latest advice of the government and Public Health England, working with the contractors for our on-site developments.
"Looking at the quarter as a whole, Assura continued to make good operational progress, in particular around our acquisition and development opportunities, as we seek to deliver primary care assets that cater to the needs of the NHS now and for the future."
In its financial year, Assura expanded its portfolio to 576 properties and now has a GBP108.9 million annualised rent roll.
Looking forward, it has a GBP77 million immediate development pipeline expected to be on site in the next 12 months and a GBP67 million immediat acquisitions pipeline which would normally be expected to complete within three to six months. Its immediate pipeline at a whole, including on site developments, is now worth GBP225 million.
Assura also has 38 lease re-gears already agreed and "in legal hands" covering GBP4.6 million of its existing rent roll.
However, Assura noted that "there is an increased risk of delays in the timing of all pipelines due to Covid-19".
Shares in Assura were up 1.7% at 84.19 pence in London on Thursday.
By Anna Farley; [email protected]
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