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Assura adds another 11 medical centres

AGR : Assura adds another 11 medical centres

Assura Group is buying a portfolio of 11 medical centres for £63.6m. The 11 medical centres  have an average lot size of £5.7m, an unexpired lease term of 20.3 years and the majority are under five years old.  The centres support the work of approximately 90 GPs servicing the health requirements of around 115,000 patients in England and Wales. Assura has also agreed in principle to fund the development of four new health centres that will, when finished, be worth £21m.

To get the deal done, Assura is buying the company that holds the medical centres for £18.5m (by issuing 18.85m new assura shares to the sellers), taking on debt of £44.3m and paying costs of £300k – adding up to the £63.1m total. they’ve said that they might use the cash they raised recently to pay down some or all of this new debt.

The centres throw off rental income of £3.4m (89% of which is contracted to GPs and the NHS) and they reckon they could get this up to £4.1m.

The vendors of the portfolio – Ray Seymour, Alistair Blacklaws (both pictured) and certain of their related parties – were also behind the company that Assura bought in June.

 

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