UK healthcare real estate investment trust Assura has rejected a £1.56bn ($1.96bn) takeover proposal from private equity buyout giant KKR and the Universities Superannuation Scheme, according to a report by Reuters.
KKR has now made four non-binding proposals to acquire Assura, with the latest offer valued at 48 pence per share. However, the Assura board declined the bid, prompting KKR to reconsider whether further engagement would be worthwhile.
In a statement, the private equity firm said: “KKR is considering whether there is any merit in continuing to try and engage with the board.”
USS, meanwhile, one of the UK’s largest pension funds, announced that it no longer intends to pursue an offer, either independently or as part of the consortium.
Assura specialises in medical properties, including primary care centres, a sector that has attracted interest due to its stable, long-term rental income and resilience to economic downturns.
