Assura started life as a property investment fund managed by Berrington Fund Management and was originally known as The Medical Property Investment Fund Limited (MPIF). It was incorporated in October 2003 and first listed on the London Stock Exchange in November 2003.

MPIF was established to invest in and develop primary healthcare property throughout the UK. Its property activities grew rapidly, with committed capital and the number of sites increasing from £260m and 85 respectively in June 2005 to £585m and 150 by mid 2008. It also has investments in six Local Improvement Finance Trust (LIFT) companies.

MPIF’s strategy developed quickly and in response to the introduction of the new Pharmacy contract, it established its own pharmacy business in 2004 with a view to putting pharmacies into its primary care centres. The pharmacy division quickly gained momentum, with the first pharmacy opening at the beginning of 2006 and the network growing to more than 30 by mid 2008.

The strategy was further expanded in 2006 in anticipation of the Government’s White Paper on primary care, 'Our health, Our care, Our say', which set out a new and expanded role for primary care, with GPs taking on a much larger role in the provision of healthcare and a desire to relocate some hospital services into community settings. To this end MPIF created its medical business with a view to partnering with groups of GPs to form GP Provider Companies (GPCos) to provide the additional services envisaged in the White Paper.

In April 2006, MPIF acquired its external fund manager, Berrington, to bring the team responsible for MPIF’s property estate in-house, and allow the roll out of its pharmacy and medical businesses to integrate across its property portfolio more efficiently.

To reflect the transformation from being a pure property company to a more broadly based primary care support services organisation, MPIF changed its name to Assura in 2006 operating through three business divisions - Property, Pharmacy and Medical.

In March 2010, Assura sold a 75% stake in its Assura Medical business to Virgin Healthcare. The new partnership with Virgin aims to be one of the leading providers of healthcare services to the NHS and its patients. Assura has retained a 25% stake in the Virgin-led business and is focusing on its core property and pharmacy activities.