The placing has been successfully completed, and we are very grateful to our shareholders for their support.”<\/p><\/blockquote>\n
The placing raised \u00a3100m before costs. Announcing the share sale after the market closed on Wednesday, Big Yellow said it was raising cash to fund \u00a3145m of acquisitions.<\/p>\n
The company will pay \u00a3119m including debt to buy the remaining 80% stake in its Armadillo regional brand of 25 sites from joint venture partners. It will also use the money to pay for the \u00a326m acquisition of 66 Hammersmith Road in London – “the most strategic site in the group’s history”.<\/p>\n
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Nicholas Vetch, Big Yellow’s executive chairman, said: “The placing has been successfully completed, and we are very grateful to our shareholders for their support. This equity raise allows us to fund two important strategic acquisitions, which along with our existing development pipeline have the potential to generate in excess of \u00a340m of net operating income over the short to medium term and in so doing create significant value for our shareholders.”<\/p>\n
Big Yellow said in the quarter to date like-for-like occupancy was 90% and that occupancy and revenue growth were ahead of the previous year and 2019. The company’s shares rose 0.3% to \u00a313.06 at 08:15 BST.<\/p>\n