Big Yellow has secured a new £100m loan from Aviva in what is thought to be the first mortgage loan from an insurance company to a self-storage group.
The 15-year facility is secured over a portfolio of 15 freehold self-storage centres valued at £242m at 29 February 2012.
The annual fixed interest rate on the loan is 4.9%.
It has been used to repay and cancel £100m of the group’s core bank debt facility – mostly from HSH Nordbank – reducing it to £225m, of which £190m is drawn.
The Aviva Commercial Finance loan amortises to £60m over the course of the 15 years.
