Big Yellow Group PLC (LON:BYG) announced it has exchanged contracts to acquire a site in East London near an existing store for £18.6mln.
The self-storage provider will be seeking planning permission for a mixed-use scheme across both sites, which would cover 125,000 square feet of storage and ancillary space, alongside 150 residential units.
READ: Big Yellow Group downgraded to ‘hold’ as share price recovers, Berenberg says market better prepared to withstand economic downturn
“This is a strategically located site on the fringes of Central London and continues our strategy of building large, high quality stores as close to London's city centre as possible,” commented chief executive James Gibson.
Shares advanced 1% to 1,004p on Monday at the opening bell.
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