Assura to press ahead with future projects despite rising costs
Assura is continuing to pursue its development pipeline despite rising costs.
In a trading update for its third quarter to 31 December, the primary care property investor and developer said its portfolio had grown to 607 properties with an annual rent roll of £141.6m.
Chief executive Jonathan Murphy (pictured) said: “Our on-site activities have progressed well, with a further 11 developments and seven asset enhancement projects on track to complete in the coming months. This includes initiating our first forward-funding deal in Ireland.”
Assura is continuing to pursue its development pipeline despite rising costs.
In a trading update for its third quarter to 31 December, the primary care property investor and developer said its portfolio had grown to 607 properties with an annual rent roll of £141.6m.
Chief executive Jonathan Murphy (pictured) said: “Our on-site activities have progressed well, with a further 11 developments and seven asset enhancement projects on track to complete in the coming months. This includes initiating our first forward-funding deal in Ireland.”
The Ireland scheme, a €6m (£5.3m) primary care centre in Kilbeggan, is Assura’s first forward-funding deal in Ireland.
Assura currently has £121m of capex committed, down from £153m in September, of which £48m has been spent to date. Its immediate development pipeline for the next 12 months comprises 10 schemes with a cost of £82m.
However, the Warrington-based REIT said: “We continue to experience some delays to construction timetables and start dates.”
The value of the portfolio slid by 7% to £2.7bn, with net debt at £1.12bn, with cash and undrawn facilities of £255m.
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