Third joint venture acquisition

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.

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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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