Member Article

Assura buys Wearside outfit's £62m medical property portfolio

Warrington’s Assura Group Limited has acquired the medical centre portfolio of Wearside-headquartered Trinity Medical Properties for around £62m.

Trinity’s audited results for the year to 31 March 2013 showed an annual profit before and after tax of £0.7m and £0.6m respectively.

The deal means Assura will gain a rent roll of £4m and an average unexpired lease term of 16.2 years.

Graham Roberts, chief executive of Assura said: “We are delighted to have acquired such a high quality portfolio of 32 medical centres, which increases our passing rents by over 10% with income underpinned by the NHS for an average unexpired lease length of over 16 years.

“The acquisition will allow us to further enhance our outperformance of the sector, and illustrates the incremental returns our internally managed model can deliver from growth in our portfolio.”

This was posted in Bdaily's Members' News section by Tom Keighley .