Interim Management Statement15 Aug 2011 08:19
Highlights:
· Weighted average rental growth of 5.17 per cent per annum, equivalent to £0.2m per annum, from 24 reviews agreed so far this financial year. The weighted average lease length of the portfolio is 16.5 years withover 85% of rents reimbursed by the NHS, 11% of which are RPI linked and the annual rent roll is currently £32.3m.
· Total property assets valued at £519.6m at 31 March 2011 with an NAV of £220.1m or 54p per share.
· Sale completed of the entire issued share capital of Assura Pharmacy Limited for a total consideration of £39.3m, a significant step in fulfilling the Company's strategic aim of becoming a pure play property company. The Company's FTSE classification is currently under review and Assura expects to be reclassified as a real estate holding and development company at the next FTSE review in September.