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TORONTO, Aug. 28, 2023 /CNW/ – 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 £1,750,000, which was satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering”) and assumption of debt.
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.
“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.
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 unitholders 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.
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.
This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust, Clear Sky and the Manager regarding future events, including statements concerning the expected closing of the Trust’s acquisitions of the properties and the anticipated use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust’s current expectations about: the Manager’s expectations regarding the expected timeline for the Trust’s development plans in respect of the properties; the Manager’s expectations regarding the operation and development of the properties; the capital structure of the Trust; assumptions about the markets in which the Trust intends to operate. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust’s internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust’s control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the final prospectus of the Trust dated June 23, 2023, including under the heading “Risk Factors” therein, as well as, among other things, risks related to the availability of suitable properties for purchase by the Trust, the availability of mortgage financing for such properties, and general economic and market factors, including interest rates, prospective purchasers of real estate, business competition, negative geo-political events, changes in government regulations or income tax laws. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE Padlock Partners UK Fund IV