Management team buys Assura business
The management of Birmingham-based Assura LIFT Holdings has bought the company, which manages a property portfolio worth more than £200m.
The buyout from its Warrington-headquartered parent Assura Group was led by managing director Elaine Siew and development director David Acklam.
Assura LIFT Holdings currently manages a property portfolio valued at £214m across five LIFT (Local Improvement Finance Trust) companies. It also manages seven buildings in construction worth £54m.
Assura Group has retained a 15 per cent stake in the company and additional funding includes a "significant personal investment" from Richard Hughes, the managing director of Zeus Capital.
Siew said: "Assura Group has, in recent years, been divesting non-core operational businesses to focus on its primary care property portfolio, and is a leading investor and developer of healthcare premises throughout the UK.
"While continuing to concentrate on the LIFT end of our business, we are looking to expand our property development and consulting activities, focusing on the public sector and the opportunities that will continue to emerge from estate rationalisation."
Assura LIFT has been involved in several partnership schemes being delivered through NHS LIFT programmes, including the £22.5m City of Coventry Health Centre due for completion in early 2012. It expects the value of its property portfolio will exceed £300m by the end of next year.
Siew added: "We operate in joint ventures with our shareholders enabling the public sector to derive maximum benefit.
"In the current austere economic climate local government budgets are under great pressure; and public bodies will be increasingly encouraged to share premises - the resulting optimisation of property will create value and assist in meeting the budgetary demands."
