Barkby Group PLC announces first acquisition in joint venture

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Tom Kilkelly

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Oxfordshire-based Barkby Group PLC (listed as BARK on AIM), the roadside real estate business, has announced its first joint acquisition with Meadow Partners LLP.

This partnership was set up to to acquire and develop a portfolio of UK-based Roadside Real Estate assets as a joint venture.

Meadow made the initial acquisition of the unnamed asset in September and has now sold it to the joint venture for £5.28 million.

The Acquisition will be funded in line with the principal terms of the JV's equity commitments, whereby Meadow will own and fund 97 per cent of the JV while Barkby will own and fund 3 per cent. Therefore, Barkby has made an initial equity contribution of £167,625 to the JV to fund the Acquisition.

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This newly purchased site features a lettable space of 15,489 sq.ft, 239 car parking spaces, and space for up to 12 ultra-fast EV chargers which will come at no capital expenditure cost to the JV.

Units within the asset are currently let to Costa Coffee, Wagamamas, and Nandos which accumulatively provide £408,000 of net operating income.

Charles Dickson, Executive Chairman of Barkby Group PLC, 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."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.