The Universities Superannuation Scheme (USS) has confirmed that it will not make an offer for UK property developer Assura, after the company announced that it had been approached by the pension fund and US private equity giant KKR.
On 14 February, Assura announced that it had received “a preliminary, unsolicited approach” from KKR and the USS. The property developer said that it was assessing the proposals.
The USS and KKR both published their own statements this morning (17 February). The pension fund said that “it does not intend to make an offer for Assura”, as part of a consortium with KKR or otherwise.
KKR, meanwhile, said that it had submitted four non-binding proposals with regards to a cash offer for the entire share capital of Assura. It confirmed that the proposals were sent to Assura on 13 February.
The private equity giant said that it was weighing up whether to try and engage further with Assura’s board. KKR also acknowledged the USS’s 17 February statement.
Assura invests primarily in healthcare properties and has a market capitalisation os just over £1.2bn.
USS declined to comment further.
