Big Yellow has secured an additional €59m (£50m) seven-year debt facility with Aviva Investors and has increased the facilities of its M&G Investments to a total facility of €141.8m (£120m).
John Trotman, Chief Financial Officer of Big Yellow commented: "We are pleased to have continued our long-standing relationships with Aviva and M&G by agreeing to these increases to our existing facilities. We have put in place our second green loan with Aviva, which will reward the Group via a margin reduction as we implement our Net Renewable Energy Positive plan that was published in June this year. These new facilities provide the Group with total facilities of €680.6m (£576m), with current headroom of cash and undrawn bank facilities of over €206.8m (£175m). In addition, the Group has land surplus to its needs which will be realised over the medium term, generating net cash proceeds estimated currently at over €118m (£100m). The average cost of debt on drawn facilities is now 2.8% and the marginal cost of RCF bank debt remains at 1.35%."
