| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: PROPERTY |
Big Yellow agrees £150m partnership |
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Mon 26 Nov 2007
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LONDON (SHARECAST) - Self storage firm Big Yellow has agreed a £150m partnership with funds managed by Pramerica Real Estate Investors to develop up to 25 stores in the Midlands, the North of England and Scotland.
Big Yellow and Pramerica are investing up to £25m and £50m respectively. The partnership will have a four-year exclusivity period on the defined territory.
The partnership has secured a five year term non recourse loan of £75m to provide investment and development funding.
“Joining forces with this prestigious institution will allow us to continue to expand with confidence into the northern part of the UK, whilst at the same time improving the financial performance of the group,” said chief executive James Gibson.
“We expect that the partnership will have strong operating cash flow at the point that our option can be exercised in 2013,” he added.
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