The chief executive of self-storage operator Big Yellow says the company is to pursue an aggressive expansion policy due to a lack of available sites.
In a trading statement, James Gibson said: “We are continuing to follow a more aggressive expansion strategy, largely through the acquisition of raw land as there are very few existing stores that are available to purchase and of the requisite quality.
“The acquisition of sites for our proposed stores in Hove and Uxbridge were completed during the quarter.”
Big Yellow has 74 stores with an occupancy of 83.4%. Average achieved net rent per sq ft increased by 3.2% compared to the same quarter last year, while like-for-like revenue increased by 7.6%.
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