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27 September 2022

M&G announces £120 million refinancing deal with Big Yellow Group

2022
London, 27 September 2022 – M&G Investments today announces it has agreed a £120 million seven-year refinancing deal with FTSE250 company Big Yellow Group PLC. The funding will be used to support Big Yellow Group’s capital expenditure and to drive ESG initiatives across its 15-property portfolio in London and the South East. This includes planned investment in solar energy as part of Big Yellow Group’s Net Renewable Positive Energy Strategy.

M&G’s 18-strong Real Estate Finance team originate deals and deploy capital in commercial mortgages in the UK and Europe on behalf of around 100 global institutional investors. The team, part of M&G’s £76 billion* Private & Alternative Assets division, is one of the largest new lenders to emerge since the global financial crisis.

Ida Yazdchi, Associate Director at M&G Investments says, “We are delighted to continue our lending relationship for a further seven years with Big Yellow. The portfolio’s resilient performance over the last decade coupled with Big Yellow’s focus on investing in sustainable energy across the portfolio are strong positives and demonstrate the strength of the relationship that we have with our borrowers and the value that they place on our expertise and engagement with their businesses.”

John Trotman, Chief Financial Officer of Big Yellow says: “We are pleased to have continued our long-standing relationship with M&G, and this refinancing is an important step in us extending the maturities of our overall debt facilities.”

Media enquiries

Irene Chambers

Media Relations

Notes to editors

* Size of Private & Alternative Assets division as at 30 June 2022
Big Yellow Self Storage is the most recognised self storage brand in the UK. It provides secure and modern self storage for homes and businesses and currently has over 73,000 occupied rooms in its portfolio. Founded in 1998 with its very first store in Richmond upon Thames, it now operates from a platform of 106 principally freehold stores, including 24 stores branded as Armadillo Self Storage. It owns a further thirteen Big Yellow self storage development sites, of which seven have planning consent. The current maximum lettable area of the existing platform is 6.2 million sq ft. When fully built out the portfolio will provide approximately 7.1 million sq ft of flexible storage space. Big Yellow employs nearly 500 people and is listed on the FTSE 250 London Stock Exchange.
M&G Investments is part of M&G plc, a savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has over £348 billion of assets under management (as at 30 June 2022). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.

For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.

M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and is a member of the Climate Bonds Initiative Partners Programme.

M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030.

For more information, please visit: https://global.mandg.com/ 
For more information, please visit: https://global.mandg.com/

This information is intended for journalists and media professionals only. It should not be relied on by private investors or advisers. Please note that not all of the funds referenced in this press release will be available in your jurisdiction.

Issued by M&G Securities Limited which is authorised and regulated by the Financial Conduct Authority and provides investment products. The company’s registered office is 10 Fenchurch Avenue, London EC3M 5AG. Registered in England and Wales. Registered number 90776.
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This section of the website is for the sole use of journalists and media professionals. It should not be relied on by private investors or advisers and the information should not be construed as a financial promotion under the Financial Conduct Authority’s (FCA) Conduct of Business rules.
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M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA(健全性監督機構)及びFCA(金融行為規制機構) に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited(プルデンシャル・アシュアランス・カンパニー・リミテッド)の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.(プルデンシャル・ファイナンシャルInc.)またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc(プルデンシャル・ピーエルシー)とは一切関係がありません。

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Prudential plc

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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.