FINANCE: Primary care property developer Assura is planning to raise £155.2m through a share issue.
Money raised would be used for a £95m pipeline of acquisitions, as well as to help reduce the firm’s net borrowings by around £55m.
The company said it would issue 356.8m shares at 43.5p each through a firm placing, placing and open offer.
Assura plans to raise a further £25m through the issue of 57.5m shares at the same price through a share subscription.
Shareholders will vote on whether to approve the share issue at an extraordinary general meeting on 14 October.
Graham Roberts, chief executive officer of Assura, said: “An ageing population, increasing expectations and rising long-term health conditions are intensifying demands on the NHS. GPs will need to play an ever-increasing role in meeting future healthcare needs, but many currently operate in unsuitable and outdated space. Assura is well placed to provide this required space.”
Assura had a net asset value per share of 43.4p as at 31 March, a 20% increase over the previous two years. A valuation of its portfolio on 22 August had increased the figure by 1.7p.
joanna.bourke@estatesgazette.com
