Padlock Partners UK Fund I (the “Trust”) announced today that it has completed its acquisition of Cinch Self Storage Bicester, 1 Arkwright Rd, Bicester, England (the “Bicester Property”) for £3,200,000, which was satisfied by way of cash from the proceeds of the Trust’s initial public offering. The Trust indirectly acquired a leasehold interest in the Bicester Property via a purchase of the shares of the controlling company. Simultaneous to the closing, the Trust indirectly negotiated and signed a new 20-year lease under the Landlord and Tenant Act 1954.
The self-storage facility is located in Bicester, a market town northwest of London within the Oxford to Cambridge growth corridor. Opened in late 2018, this Class A self-storage business provides approximately 25,000 square feet in total across 3 internal floors.
This transaction marks the 6th Padlock Partners UK Fund I location in the United Kingdom. The Trust has previously acquired sites in Wimbledon, Letchworth, Leighton Buzzard, Newmarket, and Chippenham.
“We are thrilled to acquire such an exceptional site and expand our self-storage footprint in the United Kingdom. This location will further enhance our portfolio as we look to be the top-of-mind storage provider in London and surrounding commuter markets. This acquisition allows us to continue executing on our strategy to build a strong self-storage and mixed-use income producing portfolio in the UK,” said Padlock Partners UK Fund I CEO, John Stevenson.
About Padlock Partners UK Fund I
The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a diversified portfolio of income producing commercial real estate properties in the United Kingdom with a focus on self-storage and mixed-use properties. Currently, the Trust has acquired three operating self-storage properties in Bicester, Letchworth, Leighton Buzzard and development properties in London, Newmarket and Chippenham
