On 15 July 2020, our partner in the Armadillo joint venture, Big Yellow Group (BYG), released its results for the quarter ended 30 June 2020 (Q1 FY21).
Key highlights include:
- Like-for-like revenue for the quarter of £31.7 million, up 1.9% from the prior corresponding quarter (pcq)
- Like-for-like closing occupancy was 83.6%, down 0.4 percentage points against the pcq
- Average net rent per sqft of £28.3, up 3.7% against the pcq
The announcement also provided a trading update on Armadillo, with like-for-like revenue up 1.5% against the pcq. The trading performance of BYG and Armadillo in Q1 FY21 has proven to be relatively resilient given the impact of COVID-19.