Big Yellow snaps up freehold interest in Oxfordshire site

6th Sep 2022 07:37

(Sharecast News) - Self-storage facilities operator Big Yellow Group said on Tuesday that it had acquired a freehold interest in a 1.8-acre site in Oxfordshire.

Big Yellow stated it spent £13.5m on the asset - a site which it has traded from for over two decades.

The FTSE 250-listed firm added that the site includes two separately let buildings, which will provide vacant possession in 2030 and the opportunity to intensify use.

Chief executive Jim Gibson said: "We have traded from this location for 23 years, and this continues our strategy of acquiring freehold interests so as to reduce our rental liability but also importantly so we can ensure our long-term occupation.

"This particular site is under-utilised and in the medium-term ownership will allow us to create value."

Reporting by Iain Gilbert at Sharecast.com