{"id":878,"date":"2022-01-25T08:28:56","date_gmt":"2022-01-25T08:28:56","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=878"},"modified":"2022-01-25T08:28:56","modified_gmt":"2022-01-25T08:28:56","slug":"padlock-partners-uk-fund-i-continues-uk-growth-with-acquisition-of-existing-self-storage-business-in-bicester-england","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/padlock-partners-uk-fund-i-continues-uk-growth-with-acquisition-of-existing-self-storage-business-in-bicester-england\/","title":{"rendered":"Padlock Partners UK Fund I Continues UK Growth with Acquisition of Existing Self-Storage Business in Bicester, England"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">Padlock Partners UK Fund I (the &#8220;Trust&#8221;) announced today that it has completed its acquisition of Cinch Self Storage Bicester, 1 Arkwright Rd, Bicester, England (the &#8220;Bicester Property&#8221;) for \u00a33,200,000, which was satisfied by way of cash from the proceeds of the Trust&#8217;s initial public offering. The Trust indirectly acquired a leasehold interest in the Bicester Property via a purchase of the shares of the controlling company. Simultaneous to the closing, the Trust indirectly negotiated and signed a new 20-year lease under the Landlord and Tenant Act 1954.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">The self-storage facility is located in Bicester, a market town northwest of London within the Oxford to Cambridge growth corridor. Opened in late 2018, this Class A self-storage business provides approximately 25,000 square feet in total across 3 internal floors.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">This transaction marks the 6th Padlock Partners UK Fund I location in the United Kingdom. The Trust has previously acquired sites in Wimbledon, Letchworth, Leighton Buzzard, Newmarket, and Chippenham.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><em>&#8220;We are thrilled to acquire such an exceptional site and expand our self-storage footprint in the United Kingdom. This location will further enhance our portfolio as we look to be the top-of-mind storage provider in London and surrounding commuter markets. This acquisition allows us to continue executing on our strategy to build a strong self-storage and mixed-use income producing portfolio in the UK,&#8221;<\/em> said Padlock Partners UK Fund I CEO, John Stevenson.<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">About Padlock Partners UK Fund I<\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">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. Currently, the Trust has acquired three operating self-storage properties in Bicester, Letchworth, Leighton Buzzard and development properties in London, Newmarket and Chippenham<\/span><\/span><\/p>\n<p><a href=\"https:\/\/www.newswire.ca\/news-releases\/padlock-partners-uk-fund-i-continues-uk-growth-with-acquisition-of-existing-self-storage-business-in-bicester-england-828542764.html\"><strong>Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Padlock Partners UK Fund I (the &#8220;Trust&#8221;) announced today that it has completed its acquisition of Cinch Self Storage Bicester, 1 Arkwright Rd, Bicester, England (the &#8220;Bicester Property&#8221;) for \u00a33,200,000, which was satisfied by way of cash from the proceeds of the Trust&#8217;s initial public offering. The Trust indirectly acquired a leasehold interest in the Bicester Property via a purchase of the shares of the controlling company. Simultaneous to the closing, the Trust indirectly negotiated and signed a new 20-year lease under the Landlord and Tenant Act 1954. The self-storage&hellip;<\/p>\n","protected":false},"author":13,"featured_media":879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/878"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=878"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/878\/revisions"}],"predecessor-version":[{"id":880,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/878\/revisions\/880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/879"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}