Big Yellow raises £100m

Self-storage company Big Yellow Group has raised £100m through a new shares issue. The equity from new and existing investors will support two strategic assets. The group has issued 7.7m shares at a price of 1,290p, representing a 0.9% discount to the closing price of 1,302 per share on 23 June. Big Yellow said these properties, added to the existing development pipeline, would generate in excess of £40m of net operating income in the short to medium term. The group recently agreed a £31m deal with build-to-rent investor Greystar for a parcel at its Battersea site. Greystar aims to develop 500 flats to the south of Big Yellow’s new 100,000 sq ft facility, which gained consent at the end of 2019. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image courtesy of Big Yellow Group