Disposal

RNS Number : 8289Z

Big Yellow Group PLC

22 May 2019

 

22 May 2019

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

Disposal

Big Yellow today announces that it has sold the part of the Wyvern Industrial Estate in New Malden, London that it does not occupy for £11.8 million.

Big Yellow acquired the entire estate for £29 million (including costs) in January 2019, giving security of tenure over our 81,000 sq ft New Malden store, and extinguishing the rental liability.   The current net operating income of the Big Yellow store is £1.7 million, representing a 10% yield on the net investment of £17.2 million.

The proceeds will be used to repay part of the Group's revolving bank facility and will be recycled in due course into growth capital expenditure.

Enquiries:

James Gibson Chief Executive Officer	01276 477811
John Trotman Chief Financial Officer	01276 477811
Teneo	020 7260 2700
Ben Foster
Matt Denham

 

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