Self-storage company Big Yellow Group is eyeing new development sites during a period of market uncertainty, with the proceeds of a recent share sale boosting its firepower.
Announcing results for the year to 31 March, chairman Nicholas Vetch said: “The current uncertainties may present opportunities for the group to grow its development pipeline and we believe that we are in a relatively strong position to exploit these opportunities, given the strength of our balance sheet, available headroom on our debt facilities, and our proven property development expertise.
“This will allow a continued focus on expansion primarily in London and its commuter towns while maintaining a conservative capital structure.”
The company raised almost £82m from a share sale in April.
Big Yellow saw revenues rise by 3.1% during the year to 31 March to £129.3m, although pretax profit of £93.4m was down by a quarter due to lower revaluation gains on investment properties. Operating profit before property gains stood at £80m, up 4.3%.
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