FINANCE: Big Yellow Group has posted a 6% net asset value per share rise and announced plans to raise cash to buy out Pramerica in a joint venture.
NAV per share increased by 6% to 461.9p in the half year to 30 September, up from the same period last year.
The storage firm also saw adjusted pretax profit increase to £18.4m compared with £14.2m in the same period in 2013.
During the same period turnover increased by 11% to £39.9m, while occupancy growth was 288,000 sq ft, up from 232,000 sq ft.
At the same time, the firm has proposed the placing of 14.4m new ordinary shares of 10p each.
Proceeds will be used to speed up an option to buy out the remaining 66.7% stake it does not already own in Big Yellow Partnership from its jv partner Pramerica.
The purchase price will be £39.3m excluding expenses. The portfolio comprises 12 stores.
