7th Jul 2020 10:37
(Alliance News) - Assura PLC on Tuesday said trading in its first quarter of financial 2021 showed progress as rent collection remained normal and all its development sites remained active amid the lockdown.
The primary care property investor said that for its first quarter ended June 30, it completed developments at Stafford and Netherfield worth a total of GBP11.9 million, acquired seven assets for a combined GBP35 million, completed two lease re-gears, and progressed five schemes to on-site.
Additionally, it disposed of a portfolio of 20 assets for GBP17 million and completed one capital asset enhancement project. It ended the quarter with a portfolio of 565 properties and annualised rent roll of GBP110.2 million.
Looking ahead, Assura highlighted a strong pipeline including 45 lease re-gears covering GBP5.6 million of existing rent roll, GBP60 million of schemes expected to be on-site within 12 months, and 18 developments currently onsite worth a total of GBP95 million. Its immediate acquisitions pipeline stands at GBP51 million - normally expected to complete in three to six months.
"As lockdown restrictions gradually ease, we are working closely with our GP partners to ensure we best support the NHS and respond to evolving market needs as part of the 'new normal'. Primary care will play a crucial role as the UK seeks to rebuild and recover from the Covid-19 crisis and we are engaging with Government to ensure that it remains a key area of investment going forward," said Chief Executive Jonathan Murphy.
As at the end of June, gross debt stood at GBP767 million with undrawn facilities of GBP300 million.
Shares in Assura were trading 0.1% lower at 78.70 pence each on Tuesday morning in London but 1.3% higher than at the start of the year.
By Ife Taiwo; [email protected].
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