The JSE has granted UK-based diversified healthcare real estate investment trust (Reit) Assura a secondary listing on the JSE.
Assura, which is listed on the London Stock Exchange, will be listed on the JSE’s main board from November 21 by way of a fast-track listing process, Assura said in a statement on Thursday.
The listing of 3.25-billion ordinary shares gives the company an expected market capitalisation of about £1.3bn (R30bn).
Assura, which is based in Altrincham, caring for more than 600 healthcare buildings, from which more than 6-million patients are served, the company said in a prelisting announcement on Thursday.
A constituent of the FTSE 250 and the European Public Real Estate Association (EPRA) indices, its portfolio was valued at £3.2bn at the end of September.
The group has been operating since 2003, initially listing on the Main Market of the LSE in that year and its first medical property investments were 19 primary care buildings across the UK.
Subsequently, the group went on to open key centres across the UK and its buildings support the trend of moving a greater range of services out of hospital into a community setting. Recent areas of strategic expansion have included diagnostic treatment centres for National health Service Trusts and specialist treatment centres for private providers
In May, Assura and Universities Superannuation Scheme announced a new £250m 20:80 joint venture to support investment into essential NHS community healthcare buildings, which help to address the current backlog of patients waiting for care.
In August, Assura agreed with Northwest Healthcare Properties to acquire its fully operational UK private hospital portfolio comprising 14 assets for £500m which accelerates the delivery of Assura's broader healthcare strategy.
For the six months ended September Assura has a portfolio of 625 properties with an annualised rent roll of £179.m. Its profit for that period rose to £77.1m after a loss of £17.8m a year ago.
The company said a secondary listing on the JSE would broaden its shareholder base with new SA investors, give investors a local platform to more easily invest in and trade its shares, increase liquidity for shareholders and diversify its shareholder base and position it for future growth.
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