Big Yellow buys Aberdeen self-storage building for £10m
Big Yellow said it had bought a 53,000 sq ft self-storage centre in Aberdeen for £10m.
Big Yellow Group
1,074.00p
15:45 22/11/24
0.94%
10.00p
FTSE 250
20,584.46
15:45 22/11/24
n/a
n/a
FTSE 350
4,551.10
15:45 22/11/24
n/a
n/a
FTSE All-Share
4,506.61
15:45 22/11/24
n/a
n/a
Real Estate Investment Trusts
2,136.31
15:44 22/11/24
2.10%
43.85
Currently branded as Simply Self Storage, the building is the only purpose-built self-storage centre in the city, and will be rebranded as Big Yellow, the company said on Thursday.
It added that the purchase price represented a starting 6% net initial year one yield which should grow to 9% within two years as the store benefits from being added to its digital platform. The deal was expected to be earnings enhancing.
"This is an important acquisition for Big Yellow expanding our footprint in Scotland, where we now operate in three of the four main urban centres,” said chief executive Jim Gibson.