Second joint venture acquisition

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.

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Enquiries:

Roadside Real Estate plc Charles Dickson, Executive Chairman	c/o Montfort
Cavendish Capital Markets Limited (Nomad and Joint Corporate Broker) Carl Holmes / Simon Hicks / Fergus Sullivan (Corporate Finance) Tim Redfern (ECM)	[phone]
Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker) Mark Young Jonathan Wilkes-Green Catriona Neville	[phone]
Montfort Olly Scott Georgia Colkin	[phone] [phone]

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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