Assura has said it is experiencing delays in its development and acquisition pipelines as the macroeconomic picture worsens.
The primary care property specialist this morning announced a positive trading update for its first quarter but acknowledged there were “some delays to construction timetables and start dates”.
Chief executive Jonathan Murphy said: “Assura has delivered another strong first quarter, progressing our acquisition and development pipelines in completing 17 additions to the portfolio.”
They comprise five development completions and 12 acquisitions, at a total cost of £110m.
The REIT has 14 live schemes after moving on site with two more developments and now is now live on its first net zero carbon project in Fareham, Hampshire, with a total cost of £150m.
Murphy added: “We are seeing increased opportunity to work with the NHS in providing the crucial primary care infrastructure that the country so badly needs, but we will maintain a disciplined approach to the deployment of capital as we do so.”
Assura’s portfolio currently stands at 662 properties with an annualised rent roll of £141.3m.
Its immediate development pipeline consists of 18 schemes at a cost of £154m, where Assura expects to be on site within 12 months.
It has just under £50m of acquisitions in the pipeline, which is sparse when compared with the previous quarter’s £119m.
Assura added its net debt stood at £1.1bn, with cash and undrawn facilities of £266m, against a portfolio valued at £2.7bn.
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