Assura PLC Trading Update (1070E)
July 02 2019 - 2:00AM
UK Regulatory
TIDMAGR
RNS Number : 1070E
Assura PLC
02 July 2019
2 July 2019
Assura plc
Trading Update
For the first quarter to 30 June 2019
Assura's high-quality portfolio and pipeline reinforced; GPI
integration progressing well
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
first quarter to 30 June 2019.
Jonathan Murphy, CEO, said:
"Assura made good progress in the first quarter, further
enhancing our high-quality portfolio of primary care properties.
Our immediate pipeline of developments and acquisitions has never
been stronger, while we disposed of 12 properties that were held
for sale for cash proceeds of GBP17 million which was above book
value.
"In May, we completed the purchase of primary care developer GPI
and welcomed a talented new team into Assura. The acquisition
boosted our immediate and extended development pipeline by an
initial GBP92 million.
"We continue to source exciting opportunities to grow our
portfolio and provide more of the fit-for-purpose primary care
facilities that the NHS urgently needs to benefit patients and
reduce pressure on the organisation.
"We remain confident in our outlook for the full year and in our
longer-term prospects."
Developments and strategic acquisitions strengthen
market-leading portfolio
-- One development completed (Darley Dale) at a cost of GBP2.3
million and two moved to on site (Canterbury and St Leonards);
total of 12 developments on site at the period end with a total
development cost of GBP58 million.
-- Two acquisitions completed in the period at a cost of GBP5.5 million.
-- 12 disposals completed for GBP17 million cash consideration
at a small premium to book value.
GPI acquisition expands pipeline
-- Current portfolio of 554 properties.
-- Immediate development pipeline of GBP77 million.
-- Immediate acquisitions pipeline increased to GBP64 million,
compared with GBP41 million at March 2019.
-- Total immediate pipeline value, including on site
developments, of GBP199 million up from GBP142 million at the year
end.
Active portfolio management delivering value
-- Six lease re-gears agreed on GBP0.3 million of rent, adding
weighted average of 10 years WAULT on those properties.
-- Annualised rent roll at GBP102.1 million post disposals.
Strong financial position
-- As at 30 June 2019 gross debt GBP730 million with undrawn
facilities of GBP230 million plus cash balance of GBP47.5
million.
ENDS
For further information, please contact:
Assura plc: Tel: 01925 420 660
Jayne Cottam, CFO
Orla Ball, Company Secretary
David Purcell, Head of Financial
Reporting
Finsbury: Tel: 0207 251 3801
Gordon Simpson
James Thompson
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
Notes to Editors
Assura plc, a constituent of the FTSE 250 and the EPRA* indices,
is a UK REIT and long-term investor in and developer of primary
care property. The company, headquartered in Warrington, works with
GPs, health professionals and the NHS to create outstanding spaces
for health services in our communities. At 31 March 2019, Assura's
property portfolio was valued at GBP1,979 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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