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Assura raises £185mln to develop and acquire GP surgeries

Assura said it had a £165mln pipeline of opportunities for developing new properties and acquiring others

Assura Group -

Assura PLC (LON:AGR) has raised roughly £185mln of cash to pay for developments and acquisitions of GP surgeries and other primary healthcare facilities. 

The institutional placing was completed at price of 83.5p, an 8% discount to the closing price after the market closed on Monday.

Assura said it had, before the first coronavirus case in the UK was reported, a £165mln pipeline of opportunities for developing new properties and acquiring others, which has continued to grow in the past few months 

The pipeline includes £81mln of onsite developments that have been approved by the NHS and are mostly to be completed in 2020 — though the government’s coronavirus lockdown measures “may introduce some delay”.

There are also £67mln of acquisition opportunities in legal hands and expected to complete within the next three-six months, with £41mln of acquisitions completed in the last month.

Finally, Assura has identified £17mln of spending that it believes can “generate incremental value” in its existing portfolio.

Once the proceeds of the placing are spent, management said they should have headroom of around £250mln to invest in further property additions before the company’s loan-to-value reaches 40%.

Shares in the company were down just over 7% to 77.51p on Tuesday morning.

Quick facts: Assura Group

Price: 81 GBX

Market: LSE
Market Cap: £2.15 billion

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