London-listed self-storage property specialist Big Yellow has entered into a new £100 mln (EUR 122 mln) 15-year loan with Aviva Commercial Finance. The facility is secured against a portfolio of 15 freehold self storage centres valued at £242 mln. The annual fixed interest rate on the loan is 4.9%.
London-listed self-storage property specialist Big Yellow has entered into a new £100 mln (EUR 122 mln) 15-year loan with Aviva Commercial Finance. The facility is secured against a portfolio of 15 freehold self storage centres valued at £242 mln. The annual fixed interest rate on the loan is 4.9%.
The new loan will repay and cancel £100 mln of the Big Yellow's core bank debt facility, reducing it to £225 mln of which £190 mln is drawn. This facility expires in September 2013 and is secured on the remainder of the group's self-storage centres.
'We are delighted to have arranged this new loan with Aviva which provides a stable core of long term financing for the group from a new debt provider to the business,' said Big Yellow chief financial officer John Trotman. 'We will now enter into discussions with our banking group, who continue to be supportive, with a view to refinancing the core bank debt facility in the current year.'
