Padlock Partners UK Fund II (the “Trust”) announced today that it has closed a £16,015,750.65 Senior Secured Term Loan Facility (the “Facility”). The Facility is solely secured by a first, fixed legal mortgage over the properties. The Facility includes a fixed interest rate of 9.3% per annum and a 2-year maturity, prepayable immediately with no penalty. An initial drawdown of £3,868,710.91 was used to fund the current development and working capital requirements of the Trust. Further drawdowns will be used to provide funding for future development and additional acquisition(s). The Loan was arranged by Rhodius Partners in London.
“The facility enables us to leverage the existing portfolio of three assets to provide resources for the continued development work planned at Brentwood and other existing self-storage sites and for potential further acquisitions,” said Padlock Partners UK Fund II CEO, John Stevenson.
About Padlock Partners UK Fund II
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 two operating self-storage properties in Huntingdon and Newmarket and one conversion property in Brentwood which is due to commence fit-out work imminently.
For further information: For further information, contact: John Stevenson, Chief Executive Officer, Padlock Partners UK Fund II, jstevenson@clearskycap.com; Matthew Collins, Chief Financial Officer, Padlock Partners UK Fund II, mcollins@clearskycap.com; Contact Telephone Number for Padlock Partners UK Fund II: 602-428-8961
