Primary care property investor and developer Assura has added eight medical centres to its portfolio at a combined cost of £67m.
The business has also disposed of 11 assets which did not meet its investment criteria after acquiring them as part of other recent portfolio acquisitions. Gross proceeds from the disposed assets totalled £6m.
Assura’s portfolio now includes 553 medical centres with a total annualised rent roll of £99.8m.
In a trading update, the company said its cumulative investment for the year stood at £175m through the acquisition of 45 medical centres and completion of two developments. As of 31 December 2018 its gross borrowings stood at £660m with a weighted average cost of debt of 3.28% and a weighted average debt maturity of 7.8 years.
Assura also has committed undrawn facilities of £300m to fund its pipeline of acquisitions and developments.
The company added that it expects to start work on site on an 11,000-patient practice in Newtown, Birmingham this year. During the three months to 31 December 2018, it also began construction of a new medical centre in Tonbridge, Kent.
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
