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22 May 2019 | 09:20

Big Yellow sells part of Wyvern Industrial Estate for £11.8m

Big Yellow sold the part of the Wyvern Industrial Estate in London that it does not occupy for £11.8m. Big Yellow acquired the entire estate for £29m (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 £1.7m, representing a 10% yield on the net investment of £17.2m.

The proceeds of the sale would be used to repay part of the group's revolving bank facility and be recycled in due course into growth capital expenditure, the company said.

At 9:20am: (LON:BYG) Big Yellow Group Plc share price was -6p at 1056p

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