REG - Roadside Real Estate - Third joint venture acquisition

Roadside Real EstateAnnouncement

22/03/2024 07:00

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RNS Number : 8543H  Roadside Real Estate PLC  22 March 2024

Roadside Real Estate plc

 

("Roadside" or the "Company")

 

 

Third joint venture acquisition

 

 

Roadside Real Estate, (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 third acquisition. The JV has acquired an asset in Coventry for a total
cost of £3.26 million, (the "Acquisition").

 

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 8.25 acre site features:

·      A 72,091 sq. ft. purpose-built former Sainsbury's food store with
a vehicle filling station and a 407-space customer car park;

·      A highly prominent position fronting onto the A444, with
surrounding occupiers including The Range and Selco; and

·      The potential for redevelopment into a new roadside scheme with
an EV charging hub and optionality at the rear of the property for retail or
other use, including 'last mile' logistics.

 

The site has been purchased with vacant possession which will allow the JV to
review the site's configuration, with a view to redeveloping it to serve a
variety of complementary tenants.

 

Expressions of interest have already been received from several household name
brands focused on Drive Thru and "Foodvenience" offerings. The JV will also
engage with its EV charging partners to find the optimal charging hub
configuration for the site. Further development opportunities will be assessed
in due course.

 

Charles Dickson, Executive Chairman, said:

"This is an exciting third acquisition for the JV with significant scope for
EV charging infrastructure in line with our strategy, redevelopment potential
and a variety of asset management opportunities. Our Coventry site is a
perfect example of the kind of assets we are seeking to unify,
institutionalise and develop into high-amenity facilities that benefit their
surrounding communities."

 

The JV has a prospective roadside real estate investment pipeline in excess of
£150 million, which the Company is confident will attract high-quality
nationwide tenants, underpinning reliable, long term income streams. The JV
remains in negotiation on several further site acquisitions as it works to
deploy its 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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