Big Yellow sells Harrow industrial estate for £38 million
Big Yellow Group PLC on Monday said it has sold an industrial estate in London, with funds going towards the build out of new stores.
The Bagshot, England-based self-storage group said the estate, located in Harrow, has been sold for £38.4 million, subject to a £2 million retention from the sale price. That £2 million ‘will be released on the satisfaction of certain conditions’.
‘The proceeds from the disposal will be used to fund the build out of 11 new stores and one replacement store in the development pipeline on land owned by the group. On a proforma basis, the 12 pipeline stores are expected to generate £35 million net operating income, representing an income return of 16.5% on the £212 million total cost to complete,’ Big Yellow said.
‘The board believes that currently there is no other use for the capital that comes close to delivering this level of long term returns.’
Big Yellow shares rose 0.8% to 869.00 pence each in London on Monday morning.
The firm said: ‘Big Yellow is an operating platform trading from arguably the highest quality store portfolio in its sector, assembled selectively over the past 28 years.
‘The board and management will remain thoughtful and disciplined in executing the group’s strategy, including the delivery of the new stores, several of which are in key Central London locations.’
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