Last checked at 3 Oct 2019 07:00
3 October 2019
Assura plc
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Trading Update
For the first half of the year to 30 September 2019
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Assura's high-quality portfolio further enhanced; GPI acquisition successfully integrated
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Assura plc ("Assura"), the leading primary care property investor and developer, today announces its Trading Update for the first half of the year to 30 September 2019.
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Jonathan Murphy, CEO, said:
"Assura has had a very active first six months of the reporting year as we continue to build on our strong progress. The acquisition of GPI, announced in May this year, has been integrated into Assura successfully, and further strengthens our market-leading position, putting us in a better place to provide GPs with the real estate that they need to help alleviate the stresses in the NHS.
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"We remain confident in our outlook for the year and look forward to sharing a fuller update at our interim results in November."
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Continued improvement to strong portfolio, supported by GPI acquisition
路; Current portfolio of 560 properties.
路; Two developments completed (Darley Dale & South Woodham Ferrers) at a cost of 拢8.4 million and five moved to on site (Canterbury, St Leonards, Hereford, Launceston and Bournville); total of 14 developments on site at the period end with a total development cost of 拢69 million.
路; Nine acquisitions completed in the period at a cost of 拢34.3 million.
路; 14 disposals completed for 拢18 million cash consideration at a small premium to book value at March 2019.
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Strong development pipeline offers significant opportunity
路; Immediate development pipeline of 拢72 million.
路; Immediate acquisitions pipeline of 拢65 million, compared with 拢41 million at March 2019.
路; Total immediate pipeline, including on site developments, worth 拢206 million, up from 拢142 million at year end.
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Continued rent roll growth
路; 13 lease re-gears agreed on 拢0.9 million of rent, adding weighted average of 8.5 years WAULT to those leases.
路; Annualised rent roll at 拢104.4 million taking account of additions, disposals and rent reviews.
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Strong financials provide solid platform as the group continues to grow
路; Issued 拢107 million of privately placed notes announced on 8 August 2019 in two series (10 and 15 years' maturities) with a weighted average interest rate of 2.3%.
路; As at 30 September 2019 gross debt stood at 拢757 million with undrawn facilities of 拢250 million.
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Results for the six months ended 30 September 2019 will be announced on 12 November 2019.
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ENDS
For further information, please contact:
聽 Assura plc: Jayne Cottam, CFO David Purcell, Head of Financial Reporting | 聽 Tel: 01925 420 660 |
聽 Finsbury: Gordon Simpson James Thompson | 聽 Tel: 0207 251 3801 |
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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.
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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 拢1,979 million.
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Further information is available at www.assuraplc.com
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*EPRA is a registered trademark of the European Public Real Estate Association.