Barkby Group PLC First joint venture acquisition (9032W)
December 15 2023 - 1:00AM
UK Regulatory
TIDMBARK
RNS Number : 9032W
Barkby Group PLC
15 December 2023
Barkby Group PLC
("Barkby" or the "Company")
First joint venture acquisition
Barkby, (AIM: BARK) the roadside real estate business, 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 first
acquisition, (the "Acquisition").
The JV has acquired an asset in Stoke for a total cost of
GBP5.28 million. Meadow acquired the asset in September 2023 and is
selling it to the JV at cost. 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 Barkby will
own and fund 3%. Therefore, Barkby has made an initial equity
contribution of GBP167,625 to the JV to fund the Acquisition.
The site features:
-- Lettable space of 15,489 sq.ft. over four units on an
average rent of GBP18.87 psf, representing a net initial
yield of 7.95%
-- The units are leased to Costa Drive Thru, TGI Friday's,
Nando's and wagamama, providing c.GBP408,000 of net operating
income with a weighted average unexpired lease term of
11.6 years and 9.4 years including lease breaks
-- 10% of the total projected net operating income will
be indexed to RPI uplifts
-- The site includes 239 car parking spaces within which
there is scope to install a minimum of 12 ultra-fast
EV chargers at no capital expenditure cost to the JV.
These charging bays each have the potential to generate
c.GBP4,000 annual income on a 20-year lease with annual
RPI uplifts
Charles Dickson, Executive Chairman, said:
"We are pleased to have completed the JV's first acquisition.
The Stoke asset has scope for several accretive investment
opportunities, not least the installation of much-needed EV
charging infrastructure.
This Acquisition follows practical completions at Barkby's
wholly owned assets in Wellingborough and Maldon, which are both
fully let and together generate over GBP500,000 of annualised
rental income."
The JV has a prospective roadside real estate investment
pipeline in excess of GBP150 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.
- Ends -
Enquiries:
Barkby Group PLC
Charles Dickson, Executive Chairman
c/o Montfort
+44 (0)78 1234
Montfort 5205
Olly Scott +44 (0)75 4284
Georgia Colkin 6844
Cavendish Capital Markets Limited (Nomad and
Joint Broker)
Carl Holmes / Simon Hicks / Fergus Sullivan
(Corporate Finance) +44 (0)20 7220
Tim Redfern (ECM) 0500
Stifel Nicolaus Europe Limited (Financial Adviser
and Joint Corporate Broker)
Mark Young
Jonathan Wilkes-Green +44 (0)20 7710
Catriona Neville 7600
About Barkby
Barkby is a roadside real estate business focused on building
and scaling a high-quality portfolio of modern assets.
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END
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