Barkby makes first joint venture roadside acquisition

Barkby has completed its first acquisition as part of its joint venture with Meadow Partners, as it looks to create a portfolio of roadside UK businesses.

The joint venture has purchased an asset in Stoke for £5.28m. It was originally acquired in September by Meadow and has been sold to the joint venture at cost.

The site comprises a lettable space of 15,489 sq ft, and is home to Costa Coffee, TGI Friday’s, Nando’s, and Wagamama. The asset also includes 239 car parking spaces with scope to install a minimum of 12 ultra-fast electric vehicle chargers.

Barkby said the acquisition will be funded in line with the joint venture’s equity commitments, whereby Meadow will own and fund 97% of the joint venture whilst Barkby will own the remainder. As a result, the group has made an initial contribution of £167,625 to the acquisition.

Charles Dickson, executive chairman of Barkby, 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 £500,000 of annualised rental income.”

“The JV has a prospective roadside real estate investment pipeline in excess of £150 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.”

Barkby entered the joint venture in October, after downsizing its pub portfolio as it eyes real estate investment trust (REIT) status.