Primary care developer and investor Assura Plc has reported “a very active” first six months of trading, supported by its acquisition of primary care developer GPI.
The Warrington-based firm reported an improvement to its portfolio, which has 560 properties, in a trading update for the first half of the year to September 30.
The group reported 14 developments were on site at the end of the half-year period, with a development cost of £69m.
Assura completed two developments - Darley Dale and South Woodham Ferrers - at the cost of £8.4m, with five developments moved on site at the period end.
The group also reported it had completed nine acquisitions in the period, costing £34.3m.
Assura reported “strong financials” provided a “solid” platform for continued growth, with gross debt standing at £575m, with undrawn facilities of £250m, as of September 30.
Jonathan Murphy, Assura CEO, said the group “remains confident” in its outlook for the year.
He said: “The acquisition of GPI, announced in May this year, has been integrated into Assura successfully, and further strengthens our market-leading position, putting us in a better place to provide GPs with the real estate that they need to help alleviate the stresses in the NHS.”
The group said there was an immediate acquisitions pipeline of £65m, which has risen from £41m at March, with total immediate pipeline - including on-site developments - worth £206m, an increase from £142 at the end of the last financial year.
The trading update comes ahead of its interim results, due to be announced in November.
