On 20 November, our partner in the Armadillo joint venture, Big Yellow Group (BYG), released its results for the 6 months ending 30 September 2018.
Key highlights for the Armadillo portfolio include:
• Occupancy at 30 of September 2018 was 76.7%, up from 73.9% at 31 of March 2018 and an increase in occupied space of 28,000 sq ft ; and
• Average annual rent per a sq ft at 30 of September 2018 was £17.26, up from £16.35 at pcp; and
• The assessed aggregate value of the Armadillo centres, based on directors valuations, is approx. £96m at 30 September 2018. Directors consider the value of the combined Armadillo portfolio has increased by over £4.5m since 31 March 2018, as a result of capital expenditure, and valuation appreciation (£3.3m).
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