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Assura placing to fund acquisition and development pipeline

20 June 2017 07:28

Assura has announced a proposed placing of up to 163,999,820 new ordinary shares - 9.9% of the company's existing issued share capital.

The group said the placing would be conducted by way of an accelerated bookbuilding process and books were expected to close later today.

Assura has announced a proposed placing of up to 163,999,820 new ordinary sharessaid the board believed that the placing would enable the company to fund its near term pipeline of acquisition and development opportunities as well as provide the necessary financial headroom to continue to maintain a low loan-to-value ratio.

Assura said it continued to pursue its strategy of sourcing attractive investment opportunities.

It said that as at 31 March, the company had an immediate pipeline of further property acquisitions and developments of £153 million, split as follows:

- £86 million of acquisition opportunities, consisting of individual properties rather than substantial portfolio deals.

It said that in the two months following 31 March , the company had made considerable progress with these acquisition opportunities and had invested £46 million. The acquisition of the remaining opportunities was expected to be complete within the next six months

- £67 million of development opportunities comprising £31 million of developments on site and £36 million of developments that are expected to commence in the next 6 - 12 months.

It said a number of these projects would be carried out using the company's in-house development capability, allowing the company to capture a development margin. In addition, the company said it continued to source investment opportunities and so expects to continue to replenish its pipeline of acquisitions and development opportunities.

Story provided by StockMarketWire.com

Related Company: AGR

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