6th Apr 2020 17:53
(Alliance News) - Assura PLC said Monday it intends to raise around GBP180 million through a placing in order to fund its development and acquisitions pipeline worth GBP165 million.
The FTSE 250 primary care property investor and developer said it will issue up to 240.2 million shares, at a price to be determined after the bookbuild, which is expected to close no later than 0600 BST on Tuesday.
Within the GBP165 million pipeline, GBP85 million are onsite development opportunities due to be completed by December and GBP67 million are acquisition opportunities consisting of individual properties, all due to be completed within the next three-to-six months.
The final GBP17 million are asset enhancement capital projects aimed at growing rental income.
Stifel Nicolaus Europe Ltd Securities Ltd and JP Morgan Securities PLC are acting as bookrunners for the placing.
Shares in Assura closed up 4.4% at 83.50 pence on Monday in London.
"The importance of the NHS to society has never been more apparent than it is now in dealing with Covid-19. Assura has been doing all we can to support the health service and our GP partners where possible, such as assisting occupiers to optimise the use of space in their buildings and offering any vacant space to the NHS," said Chief Executive Officer Jonathan Murphy.
By Dayo Laniyan; [email protected]
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