REG - Roadside Real Estate - Joint venture acquisition

Roadside Real EstateAnnouncement

13/12/2024 07:00

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RNS Number : 9461P  Roadside Real Estate PLC  13 December 2024

Roadside Real Estate plc

 

("Roadside" or the "Company")

 

Joint venture acquisition

 

 

Roadside (AIM: ROAD) is pleased to announce that Roadside Retail Limited, its
joint venture with Meadow Real Estate Fund VI LP, ("Meadow Partners") set up
to acquire and develop UK-based roadside real estate assets, (the "JV") has
signed an agreement to acquire Brampton Hut services at the junction of the
A14 and A1 near Huntingdon in Cambridgeshire (the "Acquisition").

 

The initial consideration for the Acquisition is £4.81 million which will be
funded from the JV's existing cash resources.

 

The site features:

·    Lettable space of 8,617 sq ft across six units leased to Starbucks,
Greggs, Wendy's, Subway and Burger King, providing approximately £0.35
million of net operating income to the JV annually; and

·     74 car parking spaces, creating ample opportunity for EV charging
infrastructure.

 

Following completion of the Acquisition, Gridserve Electric Hubs Limited
("GridServe") will install 10 EV charging points at the site, which are
expected to become operational in the first half of 2025. Once installed
GridServe will enter into a new 20-year index-linked lease to operate the EV
charging infrastructure and the JV will pay £0.58 million to the vendor as a
top-up payment for the additional income stream that EV charging will provide
the JV.

 

Charles Dickson, Executive Chairman, said:

 

"The JV has almost deployed £100 million in just over 13 months and it looks
forward to adding further assets in due course. Brampton Hut is a high-quality
cluster of ESG-compliant Drive Thru and Drive2 units, let to household names
at the junction of the A14 and A1, an area recently enhanced by £1.5 billion
of investment in new road infrastructure.

 

"The expansion of EV charging infrastructure at the site will serve passing
traffic alongside a major transport interchange, providing important amenities
that drive footfall at the site and enhances its desirability to tenants."

 

The JV has a prospective roadside real estate investment pipeline in excess of
£150 million, which the JV is confident will attract high-quality nationwide
tenants, underpinning reliable, long term income streams. The JV continues to
focus on assets that deliver sustainable returns for investors and valuable
amenities to local communities.

 

- Ends -

 

 

Enquiries:

 

 Roadside Real Estate PLC

 Charles Dickson, Executive Chairman

 c/o Montfort

 Montfort

 Olly Scott                                                                     +44 (0)78 1234 5205

 Isabella Leathley                                                              +44 (0)74 7168 7266

 Cavendish Capital Markets Limited (Nomad and Joint Broker)                     +44 (0)20 7220 0500

 Carl Holmes / Fergus Sullivan (Corporate Finance)

 Tim Redfern (ECM)

 Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker)  +44 (0)20 7710 7600

 Mark Young

 Jonathan Wilkes-Green

 Catriona Neville

 

About Roadside

Roadside is a real estate business focused on building and scaling a
high-quality portfolio of modern roadside retail assets, including modern EV
charging infrastructure.

 

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