Aviva Investors agrees additional £35 million debt deal with Big Yellow Group

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has agreed to provide an additional £35 million in debt financing to Big Yellow Group, the UK-based self-storage company, on behalf of Aviva UK Life’s annuity business.

Big Yellow Group

As part of the financing, which builds on an existing loan of £100 million agreed in 2012, Aviva Investors has included a green clause in the transaction subject to the sponsor installing solar panels on additional security properties.

Aviva Investors expects the addition of solar panels to result in an even lower-emission portfolio, whilst reducing ongoing running costs of the underlying assets.

Gregor Bamert, Head of Real Estate Debt at Aviva Investors, said:

“We are pleased to build on our existing relationship with the Big Yellow Group whilst the inclusion of a green clause in the contract will help to support our climate change strategy as we seek to reduce overall emissions in the portfolio. The company’s assets are based in strong locations with sticky income streams attached to them and it has been a leading performer in the market. For this reason, we believe that extending our relationship will result in positive long-term benefits for our clients.”

Marcus Mollan, Director of Annuity Asset Origination, said:

“We are very pleased to be extending our support to Big Yellow Group, a long-standing partner, while reducing the carbon footprint of our annuity investment portfolio.”

John Trotman, Chief Financial Officer of Big Yellow said:

“We are pleased to have continued our eight-year relationship with Aviva Investors by agreeing this increase of £35 million in the existing facility. This process was started in the ordinary course of business in January and the fact we have completed it successfully is testament to Aviva’s commitment to its clients. Although our carbon emissions are relatively low, we are nevertheless committed to reducing them further by investing in solar PVs on our existing estate, and will be doing so on three of the security properties in the coming months.”

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James Morgan

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Rob Davies

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Steve Ainger

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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £346 billion in assets as at 30 June 2019.

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