Cube RE (Cube), on behalf of the Hathaway Opportunity Fund (HOF), the firm’s joint venture with NFUM, has acquired the ‘Pitstop’ roadside portfolio for an undisclosed price.
The portfolio comprises three IN’n’OUT Autocentres in Cardiff, Northampton and Wednesbury, and a roadside asset in Oswestry, Shropshire, let to Gastronomy Foods (trading as KFC), Asda Express (trading as Starbucks) and OK Diners.
The fund also recently acquired a roadside site on 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’s new roadside strategy, which will be led by its dedicated roadside team following the appointment of Tom Morley earlier this year.
Nic Lowry, investment director at Cube, 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 on the Glasgow acquisition and Xprop and Gowling WLG provided advice on Project Pitstop. Moreton Property advised on the sale of the Pitstop portfolio.
