Assura PLC

Management Reports • Feb 14, 2014

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RNS Number : 0639A

Assura Group Limited

14 February 2014

Assura Group Limited

Interim Management Statement

For the period to 13 February 2014

Continued strong progress

Assura Group Limited ("Assura"), the UK's leading primary care property investor and developer, today publishes its interim management statement for the period from 1 October to 13 February 2014.

Further rental growth

·    The weighted average annual rent increase was 2.19% on the basis of 26 reviews settled in the period bringing the financial year to date increase to 2.53% on the basis of 81 rent reviews settled.  Of these, 64 reviews related to 2013 review dates and the annualised increase was 3.12% mostly driven by RPI based reviews and stepped uplifts.

·    The annualised rent roll is now £41.7m (September 2013: £40.7m) and the increase is primarily from rent reviews and completed developments.

Continued development progress

·    Four developments at Willington, Redditch, Harlech and Chapel House and three extensions at Upton, Bishop Auckland and Stockton have completed since 1 October 2013. These add £1.0m to annualised rents at a yield on total cost of 6.9%.

·    Five developments at Lanchester, Sudbury, Market Weighton, Blaenavon and Silsden are currently on site with an estimated combined value on completion of £23.1m.

LIFT disposals complete

·    The sale process for the remaining 3 LIFT schemes has now completed.  In total, investments in 7 LIFT schemes were disposed of for a gross consideration of £22.4m which represents an uplift over the September book value of £10.5m after costs, equivalent to 2 pence per share.

Non-core update

·    The conditional contract with a supermarket chain to purchase land at Scarborough has expired as the requisite conditions were not met. The land, together with an adjacent site owned by Scarborough Council, benefits from a recently approved planning consent for a supermarket and active discussions are being held with other supermarket groups about an alternative scheme.

Financial position

·     In addition to the published net asset value per share of 40.2 pence (as at 30 September 2013) the gain from the LIFT sale referred to above adds 2 pence per share to the net asset value.  The business continues to trade in line with directors' expectations. 

Graham Roberts, Chief Executive, commented:

"The recent completion of the sale of our interests in several LIFT schemes has provided us with a boost to our net asset value of 2 pence per share and gross proceeds of over £22 million for us to re-invest into primary care property.  We remain ideally positioned to support GPs in providing the premises to meet the increasing demands being placed on the primary care sector."

-ENDS-

Enquiries

Assura Group Limited	Tel: 01925 420660
Graham Roberts Carolyn Jones
Oriel Securities	Tel: 0207 710 7600
Mark Young Roger Clarke
Liberum Capital Limited	Tel: 0203 100 2000
Peter Tracey Jamie Richards
RLM Finsbury	Tel: 0207 251 3801
Gordon Simpson

Notes to Editors

Assura Group is a long-term investor in and developer of primary care property. The company, headquartered in Warrington and listed on the London Stock Exchange, works with GPs, health professionals and the NHS to create innovative property solutions in order to facilitate delivery of high quality patient care in the community. At 30 September 2013, Assura Group's property portfolio was valued at £651 million.

Further information is available at www.assuragroup.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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