Assura PLC on Monday said it has sold seven assets for £64 million, taking its total disposals since the start of the financial year to £200 million.
The Altrincham, England-based care property investor and developer said it has sold 30 assets since the start of the financial year at the beginning of April, at a weighted average net initial yield of 4.8%.
The seven assets have been sold into its £250 million joint venture, which Assura retains a 20% equity interest in, resulting in net proceeds of £51 million.
The joint venture has gross assets of £172 million following this transaction. Assura continues to act as property and asset manager to the joint venture, receiving management fees.
The company said the net proceeds have been deployed to reduce the acquisition debt used to finance the £500 million private hospital portfolio acquired in August 2024, at 5.9% yield on cost.
The firm said the transaction reduces its pro forma net loan to value ratio to 47%.
Assura said the disposal is ‘immediately earnings enhancing’ as the cash receipts will be used to repay the revolving credit facility.
Chief Executive Officer Jonathan Murphy said: ‘Reaching this £200 million milestone in our disposal programme means we are on track to achieve our target of net debt to [earnings before interest, tax, depreciation and amortisation] below nine times and LTV below 45% well ahead of the previously outlined timetable. This accelerated delivery and our ability to achieve sales is testament to our operational excellence and the quality and attractiveness of our property portfolio.’
Shares in Assura were down 1.1% to 41.28 pence in London on Monday afternoon.
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