Category: Finance News

Big Yellow Group 1Q Revenue Boosted By New Store Openings

Big Yellow Group PLC said Thursday that revenue for the first quarter of fiscal 2022 rose 24%, boosted by recent store openings. The U.K. self-storage company said total revenue was 45.5 million pounds ($54.5 million) in the quarter ended June 30 compared with GBP36.6 million for the same period last year. Like-for-like store revenue for the same period rose 9% to GBP39.4 million. However, like-for-like occupancy on June 30 stood at 88.3% compared with 91% on the same date last year, the company said. It said the board will continue…

Padlock Partners UK Fund III Completes Acquisition Of Watford Self-Storage Property

Padlock Partners UK Fund III (the “Trust”) announced today that it has successfully completed the previously announced acquisition of a self-storage property located in the United Kingdom for an aggregate purchase price of approximately £9,000,000 (excluding closing costs and applicable taxes), which was satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering”). The Trust indirectly acquired a freehold interest in a self-storage property located in Watford, United Kingdom, a municipality located approximately 16 miles northwest of London off the M25 motorway (the “Watford…

Big Yellow To Acquire Slough Site From Segro

Self-storage facilities operator Big Yellow has exchanged contracts to acquire a prime site on Farnham Road in Slough from Segro. Big Yellow said on Wednesday that the site falls within the Slough Trading Estate Simplified Planning Zone scheme, which sets out a series of conditions and, provided that a development fully complies with said conditions, it does not need to secure full planning permission to develop a proposed 62,000 square foot store on the site. The FTSE 250-listed group stated that as part of the transaction, it has also agreed…

Cheltenham Welcomes New Storage Concept StoreAway To Town’s Former Lidl

New self-storage operator StoreAway is transforming 34,000 sq. ft of redundant retail space in Cheltenham’s former Lidl supermarket on Grosvenor Terrace into a thriving storage hub. The site, which was originally built in the late 1970s, has been vacant for almost two years since the supermarket giant relocated to Swindon Road in September 2020. It has now been transformed to play host to 325 lockers and will open to the public on Monday, July 4th. The announcement comes as part of StoreAway’s disruptive plans to repurpose more than a quarter…

Safestore Boosts Profits Amid Flurry Of Acquisitions

Profits have spiked at self-storage giant Safestore – powered by a strong trading performance and increased earnings from investment properties. In its latest half-year results, profit before income tax jumped from £167.3m to £285.2m, with a 25.3 percent increase in the interim dividend to 9.4p reflecting growing profitability. Meanwhile, group revenues are up 14.6 percent, with like-for-like storage sales rising 16.4 percent. Storage rates were also up across key markets such as UK, Spain, and France – up 13 percent on average, with the UK market enjoying a 15.9 percent…

Europe/UK Self-Storage Operator Safestore Releases Half-Year Fiscal 2022 Results

Self-storage operator Safestore Holdings PLC, which has locations in Europe and the United Kingdom, has released its interim financial statement for the first half of its 2022 fiscal year, which ended April 30. The company experienced growth in revenue and occupancy for most of its operating portfolio, according to the official report. Total revenue for the period was up 15.9% to £101 million, with “like-for-like” growth for the group also up 14.5%, using the constant exchange rate (CER). Same-store revenue grew 16.4% using CER. Profit before income tax was £285.2…

Big Yellow Buys Aberdeen Self-Storage Building For £10 Million

Big Yellow said it had bought a 53,000 sq ft self-storage centre in Aberdeen for £10m. 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…

European Real Estate Debt Fund Launched By Invesco To Include Self-Storage Lending

Invesco Real Estate, a global real estate investment manager, has launched its first European debt fund for lending across commercial sectors including self-storage. The Invesco Commercial Mortgage Income – Europe FCP RAIF (CMI Europe) plans to raise an initial €1 billion, according to the source. “As a commercial actor and a relationship-based lender, this means lending across core real estate sectors such as residential, office, and logistics, as well as alternatives such as self-storage, student accommodation, data centers, and life sciences,” said Andrew Gordon, managing director. The fund will prioritize…

Padlock Partners UK Fund II Announces Closing Of UK Debt Financing

Padlock Partners UK Fund II (the “Trust”) announced today that it has closed a £16,015,750.65 Senior Secured Term Loan Facility (the “Facility”). The Facility is solely secured by a first, fixed legal mortgage over the properties. The Facility includes a fixed interest rate of 9.3% per annum and a 2-year maturity, prepayable immediately with no penalty. An initial drawdown of £3,868,710.91 was used to fund the current development and working capital requirements of the Trust. Further drawdowns will be used to provide funding for future development and additional acquisition(s). The…

Valor Extends London Last Mile Footprint With c. £70 Million Buy

Valor Real Estate Partners has acquired two urban logistics estates, located in Mitcham and Watford, for a total consideration of c. £70 million, from DTZ Investors. In Mitcham, South London, Valor has completed the acquisition of a 105,000 sq ft multi-let industrial estate on Mitcham Industrial Estate. It occupies a prime last-mile logistics location on the A216, providing direct access to the A23 and A24 in less than 10 minutes’ drive. Currently, 72% occupied by tenants spanning the self-storage and DIY sectors, it offers a mix of strong day one…