We are thrilled to be able to secure these properties for our continued expansion in the United Kingdom. Both the Edmonton and Haverhill properties are superb sites that will be a great addition to our self-storage portfolio of Class-A properties. We look forward to serving the neighborhoods and local areas with our unique brand of self-storage and lifestyle services,” – John Stevenson, CEO
Padlock Partners UK Fund IV (the “Trust”) announced today that it has successfully completed the previously announced acquisition of two redevelopment properties located in Edmonton and Haverhill, United Kingdom for aggregate purchase prices of approximately £3,737,500 and £3,450,000 (exclusive of closing costs), respectively, which were satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering”) and, in the case of the Edmonton Property (as defined below), the assumption of debt.
On July 12, 2023, the Trust indirectly acquired a freehold interest in a warehouse property located in Edmonton, United Kingdom (the “Edmonton Property”). The Edmonton Property currently comprises an existing two-storey office building, a warehouse for storage and a canopy shed for parking and distribution and contains 24,199 square feet of gross internal area. The Trust plans to demolish the existing structures and construct and fit out a new building to produce 42,000 net rentable square feet of self-storage units across the three floors. Such redevelopment is expected to be completed in approximately 21 months.
On July 19, 2023, the Trust indirectly acquired a freehold interest in a commercial property located in Haverhill, United Kingdom (the “Haverhill Property”). The Haverhill Property currently comprises an existing 10,000-square-foot warehouse, offices, and showroom. The Trust plans to expand the existing structure, increase the roof heights and reclad the exterior to create a self-storage facility with approximately 45,500 net rentable square feet of storage units across three internal floors. Such redevelopment is expected to be completed in approximately 12 months.
“We are thrilled to be able to secure these properties for our continued expansion in the United Kingdom. Both the Edmonton and Haverhill properties are superb sites that will be a great addition to our self-storage portfolio of Class-A properties. We look forward to serving the neighborhoods and local areas with our unique brand of self-storage and lifestyle services,” said CEO, John Stevenson.
The Trust intends to use the balance of the net proceeds of the Offering to acquire a self-storage property located in Newbury, United Kingdom, for capital expenditures on the Edmonton Property, the Haverhill Property and the property located in Newbury, United Kingdom (including to redevelop the Haverhill Property and the property located in Newbury, United Kingdom), and to subsequently acquire additional properties in the United Kingdom, consistent with the Trust’s investment objectives to, among other things, provide unitholders with an opportunity to invest in a portfolio of income-producing commercial real estate properties in the United Kingdom, with a particular focus on self-storage properties, and for working capital purposes.
About Padlock Partners UK Fund IV:
The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of income-producing commercial real estate properties in the United Kingdom with a focus on self-storage properties. The Trusts portfolio of properties currently consists of the Edmonton Property and the Haverhill Property.
