Big Yellow Group, the listed self-storage group, today announced that it has entered into a five-year management agreement with an affiliate of HSBC Specialist Investments to manage a portfolio of 10 self storage centres, to be branded as Armadillo Self Storage.
The 10 stores, including two in Liverpool, are all located in the north of England and Scotland. The group will be entitled to certain management and incentive fees payable over the life of the agreement.
James Gibson, chief executive of Big Yellow, said: "We are delighted that HSBC have chosen us to manage this portfolio, reflecting our market leading position. Big Yellow is a business where we have constantly focused on cash flow and earnings generation, and this allows us to improve both."