Shares in Big Yellow Group soared more than 20% after US investment giant Blackstone confirmed it is considering a cash buyout of the UK self-storage company.
In a statement, the New York-based fund manager said it is in the early stages of evaluating a possible offer. The approach comes ahead of the UK Budget on 26 November, adding fresh takeover interest to a sector that has attracted strong private equity attention in recent years.
‘Blackstone funds’ evaluation of Big Yellow is at a preliminary stage and Blackstone is considering, amongst other factors, the macro-economic environment including the potential impact of the upcoming UK budget as it relates to the self-storage sector.
Shares in Big Yellow Group jumped more than 20% to £11.60, marking their largest one-day gain on record, after Blackstone confirmed it is considering a cash takeover of the UK self-storage company.
The move underscores Blackstone’s continued appetite for UK property assets. The US private equity giant has been on a buying spree this year, having already acquired Warehouse REIT and taken a stake in Tritax Big Box REIT, which specialises in large-scale distribution centres. The latter investment forms part of a £1 billion deal involving the sale of a UK logistics portfolio to Tritax Big Box.
