UK healthcare real estate investment trust (REIT) Assura plc has reported a solid trading performance for the first half of its financial year to 30 September 2025, highlighting rental growth, portfolio enhancements and progress on new developments, ahead of its planned delisting from the London and Johannesburg stock exchanges.
Chief executive Jonathan Murphy said the results underscored the strength of the company’s business model and its role in supporting the UK’s healthcare infrastructure.
“We have delivered strong rental growth, which has flowed into the positive property valuation uplift, and have continued to identify opportunities to deliver new healthcare developments for both the NHS and independent sector,” Murphy said.
During the period, rent reviews delivered a like-for-like increase of 5.6% on £25.5 million of rent roll reviewed, equating to a weighted average uplift of 2.9% annually. Asset enhancement lease events covering £1.0 million of rent roll added an average of 11 years to lease terms.
The company also advanced its sustainability initiatives, energising its first rooftop solar project at Crompton Health Centre in Bolton, with a further 10 installations expected by year-end. The initial projects represent a £1 million investment, with 40 additional schemes under review.
Development pipeline
Construction has started on an £18 million primary care scheme in Weston-Super-Mare, pre-let to the NHS under a 25-year lease, marking the first project funded through Assura’s £250 million joint venture with USS. Work will also begin shortly on a £19 million independent hospital in Peterborough, while extensions totalling £7 million are planned at two existing independent hospital sites.
In Ireland, three ongoing developments with a combined cost of £31 million continue to progress. Looking ahead, Assura has a £250 million development pipeline, comprising £160 million in independent sector projects and £90 million in NHS primary care schemes.
Portfolio performance
Assura’s portfolio now totals 602 properties, generating an annualised rent roll of £179.5 million and a weighted average unexpired lease term of 12.3 years. Portfolio management and rent reviews contributed to a £12 million valuation uplift in the first half, with a net initial yield of 5.23%.
The REIT also reported its highest-ever admissions in the independent healthcare sector, boosting operational profitability and improving rent cover to 2.6 times from 2.3 times.
Delisting and PHP offer
The update comes as Assura prepares for its delisting following the recommended offer by Primary Health Properties plc (PHP). At PHP’s request, Assura has applied to cancel its listing on the London Stock Exchange, expected to take effect from 6 October 2025.
Trading of Assura’s shares on the Johannesburg Stock Exchange (JSE) will be suspended from 3 October 2025, with cancellation scheduled for 23 October 2025.
Further details on the PHP offer and delisting timetable are available on Assura’s website.
