TIDMBYG

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 GBP11.8 million.

Big Yellow acquired the entire estate for GBP29 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 GBP1.7 million, representing a 10% yield on the net investment of GBP17.2 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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END

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May 22, 2019 04:02 ET (08:02 GMT)

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