Assura snaps up care developer

Specialist healthcare REIT Assura plc has completed the acquisition of primary care developer Apollo Capital Projects Development Ltd.

Details of the transaction have not been disclosed. 

Apollo has a 20-year track record of developing specialist healthcare property services working in partnership with GP practices, NHS bodies and other providers across the UK. 

The deal increases Assura’s immediate and extended development pipeline by eight schemes with an estimated total capital expenditure of £50m. 

‘Following our acquisition of primary care developer GPI in 2019, this is another important step in our growth story that further deepens our understanding of the future trends shaping the sector, from building design to sustainability,’ said Assura CEO, Jonathan Murphy. 

‘Expanding our offer to the NHS as its partner of choice has never been more vital than it is today. As Apollo’s colleagues integrate into Assura, we look forward to working together to continue creating outstanding spaces for health services in our communities.’ 

Last month Assura said it had continued to build momentum despite the Covid-19 pandemic as it accelerated investment to drive additional growth.

In a trading update for Q3 2020, Murphy said the company’s internal investment and development teams had continued to ‘successfully replenish’ acquisition and development pipelines with a ‘significant number of attractive new opportunities’.

At the end of December 2020, the company had a portfolio of 593 properties with an annualised rent roll of £118m.