Cube RE acquires ‘Pitstop’ portfolio to drive new roadside strategy
Cube RE, acting on behalf of the Hathaway Opportunity Fund (HFO), its joint venture with NFU Mutual, has acquired the ‘Pitstop’ portfolio as part of its new roadside strategy.
The portfolio comprises three In’n’Out Autocentres in Cardiff, Northampton and Wednesbury, alongside a roadside asset in Oswestry, Shropshire, which is let to Gastronomy Foods (trading as KFC), Asda Express (trading as Starbucks), and OK Diners.
In addition, the HOF has acquired a roadside site on Glasgow’s Castlebank Street, home to Burger King and Starbucks, together with an EV charging station let to SSE Utility Solutions.
The acquisitions form part of Cube RE’s new strategy, led by its dedicated roadside team following the appointment of Tom Morley earlier this year. This will include site sourcing, planning, development, and asset and investment management.
Nic Lowry, investment director at Cube RE, says: “We are very pleased to have concluded these initial acquisitions to kick-start our roadside portfolio. These assets act as seed investments for a wider roadside platform strategy, offering strong income returns from good covenants in a sector experiencing increasing demand from both incumbent and new operators. We continue to look at further opportunities — including standing investments, forward-funded developments, and sites with strong roadside fundamentals — to complement the assets we’ve already acquired.”
EYCO and Brodies acted for HOF on the Glasgow acquisition, with Xprop and Gowling WLG providing tenant and legal advice on Project Pitstop. Moreton Property advised on the sale of the Pitstop portfolio.