Padlock Partners UK Fund II announced today that it has filed with the securities commissions or similar authorities in each of the provinces and territories of Canada, and obtained a receipt for a preliminary prospectus for an initial public offering of trust units. The preliminary prospectus qualifies the distribution of a minimum of C$20 million and a maximum of C$40 million of Class A Units, Class F Units, Class C Units and/or Class U Units of the Trust at a price of C$10.00 per Class A Unit, Class F Unit and Class C Unit and £10.00 per Class U Unit.
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. Following completion of the offering, the trust intends to indirectly acquire one existing self storage property and one development property, each located in the United Kingdom. The balance of the net proceeds of the offering will be used for capital expenditures on the two to-be-acquired properties (including to develop the development property) and to subsequently acquire one or more additional properties in the UK, consistent with the trust’s investment objectives to, among other things, provide unitholders with an opportunity to invest in a portfolio of diversified income-producing commercial real estate properties in the UK, with a particular focus on self storage and mixed-use properties.
Padlock Capital Partners II, LLC., an affiliate of Clear Sky Capital Inc., is the promoter of the trust and will also act as manager of the portfolio of properties. Since its inception in 2009 and through the fourth quarter of 2020, Clear Sky and its affiliates have acquired or developed US$875 million of real estate and operating asset investments, investing in excess of US$323 million of equity through various investment vehicles. Clear Sky’s investments are diversified across real estate sectors including multifamily, car wash, self storage, manufactured housing and co-working salon suites.
The syndicate of agents for the offering will be led by CIBC World Markets Inc. and includes Richardson Wealth Limited, Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd.
