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(Sharecast News) - Self storage firm Big Yellow has agreed to sell its Staines industrial estate for £36.5m and has also received a £2m retention payment linked to the firm's earlier disposal of its Harrow site, taking total proceeds from the two transactions to £75m.
Big Yellow said on Tuesday that the sales would help bring its net debt-to-underlying earnings rato down from around 3.7x toward its 3.5x target.
The FTSE 250-listed company added that it had opened new stores in Epsom, Kentish Town and a relocated site at Staples Corner since the end of the first quarter. Big Yellow also said the seven stores launched since July 2025 were making a growing contribution to revenues and were expected to support profitability in the near term.
Chief executive John Hunter said: "We are largely able to fund our capital expenditure this year and next from capital receipts and retained cash flow, without materially increasing absolute levels of debt. We believe a robust balance sheet and prudent capital structure is of heightened importance in the current external environment."
As of 1120 BST, Big Yellow shares were up 0.25% at 813.50p.
Reporting by Iain Gilbert at Sharecast.com
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