Healthcare REIT Assura has raised £185m through a share placing.
The placing, offered at a 7.8% discount to its 6 April closing price of 83.5p per share, will be used to fund the group’s near-term development, acquisition and asset management pipeline, as well as giving it necessary headroom to maintain a conservative LTV.
Assura has an immediate pipeline of £165m, including £81m of onsite development opportunities – with the majority due to complete by December 2020 – £67m of acquisition opportunities all in legals, and £17m of asset enhancement capital projects.
The group added that it was also looking at £77m of development opportunities that are expected to commence within the next 12 months, and an extended development pipeline of a further £199m where it is the exclusive partner and the schemes are awaiting NHS approval.
Following the deployment of the funds raised through the placing, Assura said it would have headroom of £250m to invest in further property additions before its LTV reaches 40%.
Alongside funds for its own development, Assura said it would immediately invest £2.5m of the proceeds in its community fund, which has been set up to support charities, voluntary organisations and community groups working across the UK, where Assura owns healthcare buildings to support healthier communities for the public benefit.
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