Assura is looking to raise more than £309m through a new share issue.
The issue will consist of a £278m placing and open offer and another £30.9m through subscription.
The shares will be offered at a price of 50p per share, a premium to the NAV of 44.9p per share of 11%.
Qualifying shareholders are being offered the shares on the basis of one share for every five existing held at close on 22 September.
The issue will net the company £300m after expenses which will be used to fund £125m of acquisitions and developments and another £175m will be used to pay down the group’s existing borrowings.
This will reduce the company’s existing debt by £135m, reducing the loan to value ratio to around 35%.
This puts the company’s gearing below the new target gearing ratio of between 40-50% for the group.
The share issue will commence on 25 September subject to shareholder approval.
