Assura Regulatory News (AGR)

1 October 2018

Assura plc

Trading Update

For the first half of the year to 30 September 2018

£108 million invested during the period 

Assura plc ("Assura"), the UK's leading primary care property investor and developer, today publishes a trading update for the first half of the year to 30 September 2018.

Value enhancing investment and development activity

Assura has continued to grow during the period, completing the acquisition of 39 medical centres and two developments at a combined cost of £108.2 million. The additions have a combined passing rent of £5.5 million and a weighted average unexpired lease length of 13.3 years.

We have continued to replenish the pipeline of acquisitions and developments, which currently stand at £107 million and £82 million respectively.

Rental income increased

Assura now owns 556 medical centres with a total annualised rent roll of £96.9 million (31 March 2018: £91.0 million), with growth in the financial year to date driven primarily by acquisitions.

Strong financial position

On 12 July 2018, the Company successfully priced a £300 million senior unsecured bond with a tenor of 10 years and fixed interest rate of 3 per cent per annum.

As at 30 September 2018, Assura's gross borrowings stood at £660 million, with a weighted average cost of debt of 3.28% and a weighted average debt maturity of 8 years. In addition, Assura has committed undrawn facilities of £300 million with which to fund the pipeline of acquisitions and developments.

Results for the half year ended 30 September 2018 will be announced on 22 November 2018.

Jonathan Murphy, CEO, commented:

"We are delighted to have been assigned a rating of A- by Fitch and successfully raised £300 million from the senior unsecured bond. We continue to expand the portfolio, having invested £108 million in the first half of the year, and maintained the pipeline of future opportunities.

"We have good momentum in the business, with a strong pipeline of opportunities. We remain confident in the outlook for the business"

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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 innovative property solutions in order to facilitate delivery of high quality patient care in the community. At 31 March 2018, Assura's property portfolio was valued at £1,733 million.

Further information is available at www.assuraplc.com 

*EPRA is a registered trademark of the European Public Real Estate Association