Assura confident of development pipeline after solid third quarter

(Sharecast News) - Primary care property investor and developer Assura said it delivered a strong third quarter with a decent pipeline of opportunities for further growth. "Assura has delivered another quarter of disciplined activity to further enhance our growing portfolio, with our market-leading position and strong balance sheet seeing us well-placed for the long-term," said chief executive Jonathan Murphy.

The company owns a portfolio of 612 properties across the UK and Ireland with an annualised rent roll of £148.6m, slightly up from the £146.9m reported at the half-year stage.

It is currently on site with nine developments, and has an immediate pipeline of four schemes where it expects to be on site within 12 months.

However, it did acknowledge that it was experiencing delays on pipeline schemes in the UK "as we negotiate to ensure rents appropriately reflect the current cost of construction".

Assura settled 46 rent reviews in the three months to 31 December, covering £3.8m of existing rent and generating an uplifto f £0.6m.

"The need for high-quality, sustainable healthcare buildings in a community setting is unabated, and Assura remains best-placed to meet the demands of an ageing population and growing pressures on the health system at a time when one-third of the UK's current GP estate is in need of replacement."

The stock was down 0.1% at 46.74p by 0835 GMT.