13 Dec 2018 07:00
13 December 2018
Big Yellow Group PLC
("Big Yellow", "the Group" or "the Company")
Freehold acquisition
Big Yellow announces that it has exchanged unconditional contracts to acquire the Wyvern Industrial Estate in New Malden, London for £28 million.
Big Yellow occupies approximately half of the estate, with an 81,000 sq ft net lettable area store, on an occupational lease which expires in 2026.
The acquisition removes two material risks; there was no certainty that the lease would have been renewed at its expiry, and the liability of future rent increases on this property could have been significant given its prime location in London.
The purchase will be funded by drawing down on the Group's revolving bank facility, which, at its current marginal cost, will be earnings enhancing.
Enquiries:
Nicholas Vetch, Executive Chairman | 01276 477811 |
James Gibson, Chief Executive Officer | 01276 477811 |
John Trotman, Chief Financial Officer | 01276 477811 |
Teneo | 020 7260 2700 |
Ben Foster | |
Matt Denham |
Big Yellow (BYG)