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. Following completion of the Offering, the Trust intends to indirectly acquire one existing self-storage property and two redevelopment properties, each located in the United Kingdom.”
Padlock Partners UK Fund IV (the “Trust”) 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 final prospectus for an initial public offering of trust units (the “Offering”). The final prospectus qualifies the distribution of a minimum of C$35 million and a maximum of C$60 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. It is expected that the Offering will close on or about July 12, 2023.
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. Following completion of the Offering, the Trust intends to indirectly acquire one existing self-storage property and two redevelopment properties, each located in the United Kingdom. The balance of the net proceeds of the Offering will be used for capital expenditures on the three to-be-acquired properties (including to redevelop the redevelopment properties) and to subsequently acquire one or more 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.
Padlock Capital Partners IV, LLC (the “Manager”), an affiliate of Clear Sky Capital Inc. (“Clear Sky”), 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 first quarter of 2023, Clear Sky and its affiliates have acquired or developed approximately US$1.35 billion of real estate investments in the U.S. and the UK, investing approximately US$535 million of equity through various investment vehicles. Clear Sky’s investments in real estate are diversified across various sectors including self-storage, multifamily, and manufactured housing communities.
The syndicate of agents for the Offering is being led by CIBC World Markets Inc. and includes Richardson Wealth Limited, Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and iA Private Wealth Inc. (collectively, the “Agents”).
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in the United States, nor shall there be any sale of the securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
This Offering is being made to the public by prospectus. A prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the final prospectus may be obtained from the Agents and are available on SEDAR at www.sedar.com. Investors should read the prospectus being making an investment decision.
