Padlock Partners UK Fund II (the “Trust”) announced today that it has successfully completed the acquisition of the freehold interest in the land and existing building at Cemetery Road, Houghton Regis LU5 5BJ in the United Kingdom (the “Houghton Regis Property”) for £2,300,000. The purchase price was satisfied by way of cash from the proceeds of the Trust’s initial public offering.
The Trust intends to convert and expand the existing warehouse into approximately 35,000 net rentable square feet of Class A self-storage space. Total deal capitalization is £3,650,000 inclusive of the purchase price. Total build-out and conversion are expected to complete within 12 months with the first of the newly created self-storage units expected to be available in the 3rd quarter of 2023.
This transaction marks the 4th Padlock Partners UK Fund II location in the United Kingdom. The Trust has previously acquired self-storage properties in Brentwood, Huntingdon, and Newmarket.
“We are happy to acquire this property in such a vibrant market in Houghton Regis. The central location and prominence of the site should provide numerous opportunities for us to serve our customers and the community. This acquisition allows us to execute on our strategic priority to build a strong self-storage and mixed-use income-producing portfolio in the UK,” 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. Prior to the Trust’s acquisition of the Houghton Regis Property, the Trust had acquired two operating self-storage properties in Huntingdon and Newmarket and a development property in Brentwood.
