Big Yellow Group PLC - Surrey, England-based self-storage facilities operator - Obtains planning consent at appeal for a 58,000 square foot storage centre on its site in Epsom, Surrey. Expects the new store, near London, to deliver a 8.5% net operating income return at stabilisation on the total capital deployed of GBP20 million.
Chief Executive Officer Jim Gibson says: "As we have previously identified, conditions in the construction market have ameliorated significantly and we are therefore motivated to build out these stores which will generate high cash returns on the incremental construction spend; in this case 13%. We have planning or resolutions to grant on eight pipeline stores, with a further three of the remaining five sites in the planning system. We are currently on site at Slough Farnham Road and have committed to build out Wapping. We will decide the timing of building out the other stores early in the New Year."
Current stock price: 1,148.00 pence, up 0.2% in London early Tuesday
12-month change: up 2.8%
By Greg Rosenvinge, Alliance News senior reporter
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Big Yellow (BYG)