Healthcare property developer Assura PLC plans to raise around £197mln from a placing and a PrimaryBid offer to fund acquisitions in its short-term pipeline.
The institutional placing is expected to raise £190mln and up to a further €8mln from a retail offer on the PrimaryBid platform.
The accelerated bookbuild for the placing and the PrimaryBid offer are expected to close no later than 4pm on 11 November and may close early if oversubscribed. Assura said the PrimaryBid offer will not be completed without admission of the placing shares.
Assura, which also today announced its interim results for the six months to 30 September, said its £193mln short-term pipeline includes £102mln of opportunities in legal hands, expected to complete within the next three-six months; £72mln of developments that are already on site, with most due to complete during 2022; and £19mln of work to improve existing assets.
The interim results showed net tangible assets increased to 58.4p per share from 57.2p, while the loan-to-value rose to 39% from 37% at the end of March, with a lowest ever cost of debt of 2.30%·
EPRA earnings were up 7% to £40.9mln and earnings per share were 1.5p compared to 1.4p a year ago.
The portfolio increased 6% to £2.6bn, with a net initial yield at 4.56%.
The quarterly dividend was declared at 0.74p.
Jonathan Murphy, CEO, said: "Assura has continued to make strong progress over the past six months. We expanded our high-quality portfolio with 27 new additions and grew Assura's market-leading development pipeline to a record £480 million, building upon our acquisition of Apollo in February.”