Value enhancing investment and development activity
Assura has continued to grow during the period, completing the acquisition of 39 medical centres and two developments at a combined cost of £108.2 million. The additions have a combined passing rent of £5.5 million and a weighted average unexpired lease length of 13.3 years.
We have continued to replenish the pipeline of acquisitions and developments, which currently stand at £107 million and £82 million respectively.
Rental income increased
Assura now owns 556 medical centres with a total annualised rent roll of £96.9 million (31 March 2018: £91.0 million), with growth in the financial year to date driven primarily by acquisitions.
Strong financial position
On 12 July 2018, the Company successfully priced a £300 million senior unsecured bond with a tenor of 10 years and fixed interest rate of 3 per cent per annum.
As at 30 September 2018, Assura's gross borrowings stood at £660 million, with a weighted average cost of debt of 3.28% and a weighted average debt maturity of 8 years. In addition, Assura has committed undrawn facilities of £300 million with which to fund the pipeline of acquisitions and developments.
Results for the half year ended 30 September 2018 will be announced on 22 November 2018.
Jonathan Murphy, CEO, commented:
“We are delighted to have been assigned a rating of A- by Fitch and successfully raised £300 million from the senior unsecured bond. We continue to expand the portfolio, having invested £108 million in the first half of the year, and maintained the pipeline of future opportunities.
“We have good momentum in the business, with a strong pipeline of opportunities. We remain confident in the outlook for the business”