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We are excited to announce the acquisition of the Chippenham property as we continue to expand our portfolio in the United Kingdom. We look forward to serving the residents and businesses in such a great community,” – John Stevenson, Chief Executive Officer – Padlock Capital Partners<\/span><\/span><\/span><\/p><\/blockquote>\n
Padlock Partners UK Fund IV (the “Trust”) announced today that it has successfully completed the acquisition of a development property located in Chippenham, United Kingdom (the “Chippenham Property”) for purchase price of \u00a31,750,000, which was satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering”) and assumption of debt.<\/span><\/span><\/span><\/p>\n
The Chippenham Property consists of a freehold interest in the warehouse property located in Chippenham, United Kingdom. The Trust plans to demolish, construct, and fit out a new building to create a 50,000 gross square foot storage facility with approximately 38,000 net rentable square feet of self-storage units across three internal floors.<\/span><\/span><\/span><\/p>\n
“We are excited to announce the acquisition of the Chippenham property as we continue to expand our portfolio in the United Kingdom. We look forward to serving the residents and businesses in such a great community,” said Padlock Capital Partners CEO John Stevenson.<\/span><\/span><\/span><\/p>\n
This transaction marks the 4th Padlock Partners UK Fund IV location in the United Kingdom. The Trust has previously acquired self-storage properties in Edmonton, Newbury, and Haverhill. The Trust intends to use the balance of the net proceeds of the Offering to acquire additional self-storage properties in the United Kingdom, consistent with the Trust’s investment objectives to, among other things, provide unit-holders with an opportunity to invest in a portfolio of diversified income-producing commercial real estate properties in the United Kingdom, with a particular focus on self-storage properties, and for working capital purposes.<\/span><\/span><\/span><\/p>\n
About Padlock Partners UK Fund IV<\/span><\/span><\/b><\/span><\/p>\n
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 properties.<\/span><\/span><\/span><\/p>\n
For further information:<\/span><\/span><\/u><\/i><\/span><\/p>\n
John Stevenson, Chief Executive Officer – Padlock Partners UK Fund IV
\n<\/span><\/span><\/span>jstevenson@clearskycap.com<\/span><\/a><\/span><\/span><\/span><\/p>\nMatthew Collins, Chief Financial Officer – Padlock Partners UK Fund IV
\nmcollins@clearskycap.com<\/a><\/span><\/span><\/span><\/span><\/p>\n