LONDON: Assura plc, the UK’s leading diversified healthcare REIT, has announced the successful sale of 12 assets for cash proceeds of £25 million.
The sale price aligns with the current book value of these assets, and the proceeds will be used to partially repay the Group’s revolving credit facility.
This sale is part of Assura’s ongoing disposal programme, which was announced in August 2024 following the acquisition of a £500 million private hospital portfolio.
The company is currently in discussions regarding further asset disposals valued at approximately £110 million, including portfolio sales and transfers to a joint venture partnership.
Additionally, preliminary work has begun on the potential disposal of 27 assets valued at around £90 million, which meet the company’s disposal criteria.
Assura remains on track to achieve its target of reducing net debt to EBITDA below nine times and lowering its loan-to-value ratio below 45% within the next 18 to 24 months. An update on the disposal programme will be provided during the company’s half-year results presentation on November 14, 2024.
CEO Jonathan Murphy expressed satisfaction with the completion of the asset sale, noting that it reflects the attractiveness of Assura’s underlying asset class. He highlighted the strategic significance of the £500 million private hospital portfolio acquisition and emphasized that the progress on the disposal programme is a critical step in reducing leverage and enhancing the company’s financial position.