(Alliance News) - Big Yellow PLC on Monday said it has conditionally sold its industrial warehouse scheme in Harrow, London.
The self-storage facilities operator has conditionally agreed to sell the industrial warehouse for gross proceeds of GBP61 million.
Big Yellow said that completion of the sale was dependent on practical completion of the development, and is expected to occur in August.
The company added it has deployed about GBP27 million of capital expenditure to date with a cost to complete of about GBP4.5 million, totalling GBP31.5 million including the cost of the land.
"Big Yellow is left with an acre of land on which it is building a new 82,000 square foot store which is scheduled to open later this summer," it added.
Shares in Big Yellow were 2.0% higher at 1,267.00 pence in London on Monday morning.
By Sophie Rose; sophierose@alliancenews.com
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Big Yellow (BYG)