Self-storage company Big Yellow Group has raised £100m through a new shares issue.
The equity from new and existing investors will support two strategic assets.
The group has issued 7.7m shares at a price of 1,290p, representing a 0.9% discount to the closing price of 1,302 per share on 23 June.
Big Yellow said these properties, added to the existing development pipeline, would generate in excess of £40m of net operating income in the short to medium term.
The group recently agreed a £31m deal with build-to-rent investor Greystar for a parcel at its Battersea site. Greystar aims to develop 500 flats to the south of Big Yellow’s new 100,000 sq ft facility, which gained consent at the end of 2019.
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