TRADE ALERT - International Portfolio October 2025

Rumors recently began circulating that Blackstone (BX) might be interested in buying out Big Yellow Group (BYG / BYLOF), which is one of our largest international REIT investments.

This led the stock to surge by about 20% in just a few days:

Data by YCharts

We think that Big Yellow remains heavily discounted even at these levels, and we have no interest in selling our position.

I have personally owned Big Yellow for about 10 years, first buying it following the Brexit crash, and I hope to hold it for another decade to come. You can learn why by reading our investment thesis by clicking here.

However, following this rapid surge, we see an opportunity to slightly trim our position to capture some gains and reinvest the proceeds into another UK REIT, Segro PLC (SGRO / SEGXF), which remains heavily discounted.

Note how much better Big Yellow has performed than Segro in the recent months:

Data by YCharts