22nd May 2019 09:25
LONDON (Alliance News) - Big Yellow Group PLC said Wednesday it has sold the section of the Wyvern Industrial Estate in New Malden, London that it does not occupy for GBP11.8 million.
Proceeds from the sale will go towards the repayment of the self-storage group's revolving bank facility.
Big Yellow acquired the Wyvern estate back in January for GBP29 million including costs, and currently occupies half of the estate, in south west London, with an 81,000 square foot store, on an occupational lease which expires in 2026. It noted that with net operating income of GBP1.7 million per year from the store, its net investment of GBP17.2 million after Wednesday's sale represents a 10% yield.
Shares in Big Yellow were down 0.7% at 1,055.00 pence on Wednesday.
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