Assura Group is selling its interest in seven local improvement finance trusts for £22.4m.
The primary care property investment and development REIT has exchanged contracts to sell the equity and loan note investments it holds for an £11.2m premium over book value, before costs.
This equates to an uplift of more than two pence a share on a net assets basis.
No details about the buyer have been disclosed.
Assura said the contracts are conditional on relevant third party consents from LIFT project counterparties and on equity fundraising by one of the potential acquirers.
It is anticipated that completion will be before the financial year-end.
Chief executive Graham Roberts said: “Following this sale announced today, we have now realised more than £30m from our non-core assets and LIFT investments in the last 18 months, as we to continue to increase our focus on developing, owning and managing primary care properties.
bridget.o’connell@estatesgazette.com
