Big Yellow Group PLC — M&A Activity 2022

Jun 16, 2022

National Storage Mechanism | Additional information

RNS Number : 0621P

Big Yellow Group PLC

16 June 2022

16 June 2022

Big Yellow Group PLC

("Big Yellow" or "the Group")

Acquisition

Big Yellow is pleased to announce the acquisition of an existing 53,000 sq ft self storage centre in Aberdeen for £10 million. 

The store, currently branded as Simply Self Storage, is the only purpose-built self storage centre in Aberdeen, and will be rebranded as Big Yellow.  The purchase price represents a starting 6% net initial year one yield which should grow to 9% within two years as the store benefits from being added to our digital platform.  There is also surplus land which provides the opportunity for expansion. 

Jim Gibson, CEO of Big Yellow commented:

"This is an important acquisition for Big Yellow expanding our footprint in Scotland, where we now operate in three of the four main urban centres.  Aberdeen, an important university and energy resources city, is currently benefiting from higher oil and gas prices, and in the longer term it will play an important role in the transition to renewables over the next 20 to 25 years.  The acquisition is earnings enhancing."

Enquiries:

Big Yellow:

James Gibson Chief Executive Officer                                              01276 477811

John Trotman Chief Financial Officer                                                01276 477811

Teneo:

Ben Foster                                                                                           0203 603 5221

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQUVOURURUNAUR