Wed, 01 Nov 2023 | COMMERCIAL PROPERTY
A new joint venture has been formed that will seek to acquire and develop a portfolio of roadside real estate assets. The JV, which has been formed by AIM-listed Barkby and real estate private equity manager Meadow Partners, will be funded by up to £100 million of equity. Meadow will initially own and finance 97 per cent of the JV, while Barkby, which is set to be renamed Roadside Real Estate, will own and fund the remaining three per cent.
There will be a 30 month investment period, during which the JV will aim to create a portfolio of modern real estate assets worth over £250 million through acquisitions, asset management and development. It will focus on acquisitions of sites that can offer a mix of drive through convenience food, trade counter businesses, local logistics and opportunities to develop electric vehicle (EV) charging facilities.
Currently, the JV’s pipeline includes a Stoke site currently owned by Meadow, which remains subject to due diligence and negotiation but is under consideration as an initial acquisition. Barkby’s existing portfolio of wholly-owned roadside assets is comprised of two schemes that may also be considered as investments.
The first site, in Wellingborough, includes tenants such as Greggs, Brewers Decorator Centre, City Plumbing Supplies and Formula One Autocentres, while the second site, in Maldon, is poised to imminently reach practical completion.
Barkby Executive Chairman Charles Dickson commented: "We are delighted to be working with Meadow to implement a fully funded strategy to institutionalise a new asset class within the real estate sector. Roadside Real Estate will offer exciting potential for investors and we believe this JV has the opportunity to create a portfolio worth £250m over time.”
"Having successfully developed a small number of roadside sites which have proven our concept, we will seek to rapidly convert our acquisition pipeline to create value for shareholders and our joint venture partner, whilst delivering valuable community amenities - not least increased access to electric vehicle charging."
Read more on how electric vehicle charging is driving dealmaking in this analysis of automotive sector M&A
Read about the impact of COVID-19 on commercial property investment
Find out more about how creative financing options can help to facilitate deals in a tough environment
Located in the bustling Essex island of Mersea over looking the Blackwater Estuary. The area has a wonderful supportive community and has a number of holiday parks and tourism that visit the Country Park and beaches. Served by excellent facilities wi...
LEASEHOLD
A freehold opportunity in Ipswich which has been significantly reduced for quick sale, offering consistent turnover and two s/c flats above.
FREEHOLD
New beautifully decorated Norfolk freehold riverside location with 100+ covers, Stowbridge lies between The Great River Ouse on one side, and the man-made Relief Channel on the other, The trade is nestled between the two rivers; giving a peaceful and...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.