LONDON (ShareCast) - (Sharecast News) - Big Yellow announced the acquisition of freehold sites in Wembley, North London and Kingston North in South West London on Tuesday.
The FTSE 250 self-storage provider said that brought the total pipeline of proposed new stores, including the replacement of its Battersea store, to 12, which on completion would result in approximately 760,000 square feet of additional capacity, or 16% of its current maximum lettable area.

That excluded its Wapping store, with a current lettable area of 25,000 square feet, which opened for trade in July last year and had the potential for future expansion.

Current lettable income from both properties acquired would mitigate the earnings dilution while the sites were prepared for development, Big Yellow explained.

It said its pipeline, which had taken almost five years to build, should allow new stores to be opened on a "reasonably regular and sustainable" basis.

Construction was said to be "well advanced" at Manchester, underway at Camberwell, and would start in the next few months at Battersea following the transfer of customers from the existing store.

The board said it was in receipt of planning at Bracknell, with applications also submitted on three additional sites.

"Our pipeline of proposed new stores will over the medium term make a considerable contribution to the group's earnings and importantly continues to consolidate our leading position in London," said Big Yellow Group chief executive officer James Gibson.

"We continue to look for opportunities to acquire more development land."

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