Assura Plc (AGR.L), a healthcare property investor, and Universities Superannuation Scheme Limited or USS, a pension scheme for universities and higher educational institutions in the UK, on Tuesday said they have inked a new 250 million pounds 20:80 joint venture or JV to support investment in essential NHS infrastructure.
Jonathan Murphy, CEO of Assura, said: "This important transaction highlights the attractive investment characteristics in the healthcare sector and specifically the long term resilient cash flows generated by our assets. We have sourced new capital that will fund investment in healthcare infrastructure that is so badly needed to enable better health outcomes."
Assura will retain a 20 percent interest in the JV and act as property and asset manager, receiving asset management fees related to the valuation of the portfolio.
The joint venture has an initial term of 20 years and will be seeded with an initial agreed portfolio of seven assets of 107 million pounds, transferred from Assura's existing portfolio at a small discount to the March 2024 valuation.
The joint venture is targeting acquisition-led growth to 250 million pounds over the next three years, with potential to grow to 400 million pounds thereafter.
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