US raider and British pension firm seek £1.3bn Assura deal

Published on: February 16, 2025

By BEN HARRINGTON

Updated: 22:07 GMT, 16 February 2025

One of America’s most powerful buyout houses has pounced on a London-listed company that manages doctors’ surgeries with a takeover approach of more than £1.3billion.

KKR has approached Assura – a FTSE 250-listed real estate investment trust that owns more than 600 buildings including GP surgeries – with an offer.

The deal has seen America’s oldest and largest private equity firm teamed up with the Universities Superannuation Scheme (USS), which manages almost £90billion for UK lecturers.

Assura said it ‘has received a preliminary, unsolicited approach’ from KKR and USS, ‘which may or may not lead to an offer being made for the company.’

Making a move: Assura said it ‘has received a preliminary, unsolicited approach’ from KKR and USS

The bid for Assura, which was set up in 2003, is the first takeover attempt for a FTSE 350 company in 2025.

The move comes as several other investment trusts fend off a raid from American hedge fund Saba Capital.

If KKR is successful over Assura it would be the largest takeover of a London-listed REIT in the last few years.

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US raider and British pension firm seek £1.3bn Assura deal

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US raider and British pension firm seek £1.3bn Assura deal