LONDON (dpa-AFX) - Big Yellow Group plc (BYG.L), a self-storage company, on Tuesday announced the acquisition of freehold sites in Wembley, North London and Kingston North in South West London.
This brings to 12 the total pipeline of proposed new stores, including the replacement of the company's Battersea store, which would on completion result in additional capacity of approximately 760,000 sq ft, representing 16 percent of the Group's portfolio's current Maximum Lettable Area.
This excludes Big Yellow's Wapping store, with current lettable area of 25,000 sq ft, which opened for trade in July 2018 and has the potential for future expansion.
The company noted that current lettable income from both the properties acquired will mitigate the earnings dilution while the sites are prepared for development.
According to the company, construction is well advanced at Manchester, is underway at Camberwell and will start in the next few months at Battersea following the transfer of customers from the existing store. The company added that it is in receipt of planning at Bracknell and applications are submitted on three additional sites.
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