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19 Feb 2019 | 09:23

Big Yellow acquires freehold sites in Wembley, North London, Kingston North

Big Yellow said Tuesday it had acquired freehold sites in Wembley, North London and Kingston North in South West London.

The acquisition brought the total pipeline of proposed new stores to 12, and on completion would result in additional capacity of approximately 760,000 sq ft, 16% of the group's portfolio's current maximum lettable area.

The Group's pipeline, which had taken nearly five years to build, should allow new stores to be opened on a reasonably regular and sustainable basis.

The company also provided an update on current projects under construction. 'Construction is well advanced at Manchester, is underway at Camberwell and will start in the next few months at Battersea following the transfer of customers from the existing store,' the company said. 'Our pipeline of proposed new stores will over the medium term make a considerable contribution to the Group's earnings and importantly continues to consolidate our leading position in London,' said James Gibson, Chief Executive Officer. 'We continue to look for opportunities to acquire more development land.'

At 9:23am: (LON:BYG) Big Yellow Group Plc share price was +0.25p at 943.75p

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