IN BRIEF: Roadside Real Estate to sell Commercial Property business
Roadside Real Estate PLC - Abingdon, England-based investor in roadside property - Proposes disposal of its Commercial Property business to Tarncourt Properties Ltd, a company controlled by Chief Executive Charles Dickson and his family, for approximately £12 million gross, resulting in net consideration of £4.7 million. Roadside is selling all shares in the subsidiaries owning the properties which comprise the business. Says the gross consideration represents a premium to the assets’ market value. Net proceeds will be set off against the amount due to Tarncourt under ‘the Tarncourt Facility’, which is expected to have a £5.0 million balance with £7.0 million available to draw following the deal’s completion. Company also plans to extend the facility’s term to April 1, 2028, and increase it to £12.0 million. Roadside says the disposal will allow it to focus on ‘its roadside real estate business, and strategic focus of building and scaling a high-quality portfolio of modern operational roadside retail assets’.
‘We believe the roadside retail assets have the potential to generate significant returns for shareholders and Roadside continues to seek, and is currently evaluating, a number of opportunities to acquire further roadside retail assets to meet evolving consumer demands,’ says Chair Steve Carson.
Current stock price: 56.20 pence
12-month change: more than doubled from 21.50p
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