(Sharecast News) - Roadside Real Estate announced the second successful property acquisition through its joint venture with Meadow Partners on Wednesday.
The AIM-traded company, formerly known as the Barkby Group, said the newly-acquired site in Gosport cost a total of £2.83m.
It said Meadow Partners would fund 97% of the project, with Roadside contributing the remaining 3%.
The Gosport property includes a 12,540 square foot unit currently leased to Farmfoods, generating £156,750 in annual rent.
It said the lease extended for another 14.5 years, with the asset offering a 0.42-acre plot suitable for the development of a drive-through unit and electric vehicle (EV) charging stations.
"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," said executive chairman Charles Dickson.
He also highlighted the site's potential to provide much-needed EV infrastructure.
The joint venture's investment pipeline currently exceeded £150m, Roadside said, which would continue to attract high-quality tenants and provide reliable long-term income according to the board.
It said the joint venture was actively negotiating further acquisitions, aiming to invest in assets that benefit both investors and surrounding communities.
At 0830 GMT, shares in Roadside Real Estate were down 6.67% at 3.5p.
Reporting by Josh White for Sharecast.com.
Roadside Real (ROAD)