Assura boosted by takeover and new sites
Assura Group has said an acquisition and new buildings have boosted its performance.
The Warrington primary healthcare property company said it experienced a 48 per cent increase in annualised rent roll to £34.4m as at 31 December 2011. This compared with a £23.2m figure reported for the previous year.
Assura said the number was boosted by £8m following its takeover of AH Medical Properties in early 2011.
It also reported a 37 per cent increase in group revenue to £25.3m for the nine months to 31 December 2011 - compared with £18.5m the year before.
Assura said it was also boosted by eight new developments completed since 1 April 2011 with a value of £38.7m, contributing £2.4m of annualised revenue to the group.
Five developments are said to be currently under construction with an estimated value at completion of £17.8m, which are expected to be completed in the new financial year.
It added that the sale of its LIFT consultancy business completed in December 2011 with Assura retaining £8.5m of loan stock.
The business also confirmed that a £110m 4.75 per cent ten-year bond has replaced a maturing £120m floating rate loan from National Australia Bank. A further £31m increase agreed in Aviva and Santander loan facilities, with £10m additional development facility granted by Santander, was also tied up last year. Assura added it would restart dividends later this year.
Simon Laffin, chairman of Assura, said: "The transformation of Assura to a well funded, pure play primary healthcare property company is now complete.
"We are focused on delivering both a secure and rising income stream and growth in property value. The continued strong property performance of the group reflects the sound fundamentals of this business as well as the attractiveness of the primary healthcare market underpinned by its stable, long-term, government-backed income."
