REG - Roadside Real Estate - Second joint venture acquisition

Roadside Real EstateAnnouncement

06/03/2024 07:00

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RNS Number : 6996F  Roadside Real Estate PLC  06 March 2024

Roadside Real Estate plc

 

("Roadside" or the "Company")

 

 

Second joint venture acquisition

 

 

Roadside, (AIM: ROAD) is pleased to announce that its joint venture with
Meadow Partners LLP, ("Meadow") to acquire and develop a portfolio of UK-based
Roadside Real Estate assets, (the "JV") has completed its second acquisition,
(the "Acquisition").

 

The JV has acquired an asset in Gosport for a total cost of £ 2.83  million.
The Acquisition will be funded in line with the principal terms of the JV's
equity commitments, whereby Meadow will own and fund 97% of the JV while
Roadside will own and fund 3%.

 

The site features:

·      A 12,540 sq ft. unit let to Farmfoods Limited at a rent of
£156,750 per annum. The lease has approximately 14.5 years remaining with
open market reviews and no breaks; and

·      A 0.42 acre plot adjacent to the Farmfoods unit with potential to
develop a new Drive Thru unit with EV charging bays.

 

Charles Dickson, Executive Chairman, said:

"We're willing to consider a variety of sites when evaluating acquisitions and
Gosport is a good example of a site where we can develop assets to deliver
greater returns for investors. We are pleased to have completed this
acquisition not least because it offers scope for much-needed EV charging
infrastructure."

 

 

The JV has a prospective roadside real estate investment pipeline in excess of
£150 million, which we are confident will attract high-quality nationwide
tenants, underpinning reliable, long term income streams. The JV is in ongoing
negotiation on a number of further site acquisitions as it works to deploy the
JV's equity commitment in assets that deliver sustainable returns for
investors and valuable amenities to local communities.

 

- Ends -

 

 

Enquiries:

 

 Roadside Real Estate plc                                                       c/o Montfort

 Charles Dickson, Executive Chairman

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

 Carl Holmes / Simon Hicks / 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

 Montfort

 Olly Scott                                                                     +44 (0)78 1234 5205

 Georgia Colkin                                                                 +44 (0)75 4284 6844

 

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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