(Alliance News) - Roadside Real Estate PLC on Friday said that its joint venture with Meadow Partners LLP has completed its third acquisition.
Roadside is an Abingdon, England-based investor in roadside property and in consumer and life sciences companies, while Meadow Partners is a real estate private equity manager.
The joint venture is focused on acquiring and developing a portfolio of UK-based roadside real estate assets. It has bought an asset in Coventry for a total cost of GBP3.3 million.
The acquisition will be funded in line with the principal terms of the venture's equity commitments, whereby Meadow will own and fund 97% of the venture, while Roadside will own and fund 3%.
The site has been purchased with vacant possession, which means Roadside Real Estate and Meadow will be able to review the site's configuration, with a view to redeveloping it to serve a variety of complementary tenants.
Roadside Real Estate shares were trading 4.6% lower at 8.23 pence each in London on Friday afternoon.
By Holly Beveridge, Alliance News reporter
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Roadside Real (ROAD)