Business
Second joint venture acquisition
Second joint venture acquisition.
About this update from Roadside Real Estate Plc
[{"type":"text","content":"\n\nRoadside Real Estate plc\n \n(\"Roadside\" or the \"Company\")\n \n \nSecond joint venture acquisition\n \n \nRoadside, (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\").\n \nThe 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%.\n \nThe site features:\n· 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\n· A 0.42 acre plot adjacent to the Farmfoods unit with potential to develop a new Drive Thru unit with EV charging bays.\n \nCharles Dickson, Executive Chairman, said:\n\"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.\"\n \n \nThe 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.\n \n- Ends -\n \n \nEnquiries:\n \n\n\n\n\nRoadside Real Estate plc\nCharles Dickson, Executive Chairman\n \n\n\nc/o Montfort\n \n\n\n\n\nCavendish Capital Markets Limited (Nomad and Joint Corporate Broker)\nCarl Holmes / Simon Hicks / Fergus Sullivan (Corporate Finance)\nTim Redfern (ECM)\n \n\n\n+44 (0)20 7220 0500\n\n\n\n\nStifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker)\nMark Young\nJonathan Wilkes-Green\nCatriona Neville\n&...