Padlock Partners UK Fund IV (the “Trust”) announced today that it has successfully completed the previously announced acquisition of a redevelopment property located in Newbury, United Kingdom for an aggregate purchase price of £9,185,000 (exclusive of closing costs), which was satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering”).
On July 26, 2023, the Trust indirectly acquired a freehold interest in a self-storage warehouse property located in Newbury, United Kingdom (the “Newbury Property”). The Newbury Property currently comprises an existing three-storey warehouse with an office on a 1.42 acre lot and offers approximately 41,000 net rentable square feet of storage units plus an additional 10,000 net rentable square feet of bulk space. The conversion from warehouse to self-storage achieved practical completion and commenced operations in early March 2023. The Trust is currently in the process of resealing the parking lot and adding perimeter fencing, and expects such capital improvements to be completed by the end of July 2023.
“We are pleased to announce the acquisition of this new property and expansion of our portfolio in the United Kingdom. We believe that the site greatly benefits from being a Class-A development with strong prominence in a growing market.” said Padlock Capital Partners CEO John Stevenson.
The Trust intends to use the balance of the net proceeds of the Offering for capital expenditures on the Newbury Property and the properties located in Edmonton and Haverhill, 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 Trust’s portfolio of properties currently consists of the Newbury Property and properties located in Edmonton and Haverhill, United Kingdom.
