Big Yellow Group PLC (BYG.L), a self storage company, announced on Monday that it has sold its industrial estate in Harrow, London for 38.4 million pounds, aiming to restate its capital allocation strategy. The deal is subject to a 2-million-pound retention from the sale price, which will be released on certain conditions.
The proceeds from the disposal will be used for building 11 new stores and 1 replacement store in the development pipeline on land owned by the Group. On a proforma basis, the 12 stores, several of which in key Central London locations, would generate net operating income of 35 million pounds. The income return would be 16.5% on the 212 million pounds total cost to complete.
The company plans to complete the new store development within its existing funding arrangements.
On the London Stock Exchange, the shares were trading 0.06 percent low at 862.00 pence.
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