Assura delivers 'strong trading performance' in H1
Real estate investment trust Assura Plc said on Tuesday that it had delivered a "strong trading performance" over the first six months of the trading year, despite it being a "period of uncertainty" for the firm.
Assura reported a like-for-like increase of 5.6% on £25.5m of rent roll reviewed, with a weighted average annual uplift of 2.9%. Assura said its portfolio now stands at 602 properties, with an annualised rent roll of £179.5m and a weighted average unexpired lease term of 12.3 years.
The FTSE 250-listed firm said construction was underway on a £18m primary care scheme in Weston-Super-Mare, pre-let to the NHS on a 25-year lease subject to five-yearly CPIH rent reviews, the first development funded through its £250m joint venture with USS, while construction will commence shortly on a new £19m independent hospital in Peterborough pre-let to a tier one independent health provider on a 25-year lease subject to three-yearly RPI rent reviews.
Assura also stated that it had an "attractive pipeline of opportunities" to support the healthcare system, sitting at £250m, all of which was capable of commencing in the next two years, and highlighted that its portfolio was
Earlier in September, the UK's competition watchdog formally launched an investigation into the recent merger of Primary Health Properties and Assura. The Competition and Markets Authority said the inquiry would assess the impact of the completed acquisition. It set a statutory deadline of 29 October for its phase one decision, although it noted that could be extended in "certain limited circumstances".
As of 0820 BST, Assura shares were down 0.64% at 46.70p.
Reporting by Iain Gilbert at Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
