Big Yellow raises £110m to 'build out' store pipeline

Big Yellow said on Wednesday that it has raised around £110m in a placing and retail offer to "build out the group's existing pipeline of stores".

The self-storage company placed just over 11.4m shares at 945p each, with existing and new institutional investors, raising around £108.4m.

In addition, the executive directors have agreed to participate in the placing for an aggregate of 301,586 shares, representing gross proceeds of about £2.85m.

In a press release announcing the placing on Tuesday, Big Yellow said it will now press on with the construction of an initial six sites, including Farnham Road, Slough, Wapping, Wembley, Queensbury, Staines and Slough Bath Road, all of which have planning consent at an incremental cost of £90m.