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TORONTO, June 25, 2021 /CNW/ – Padlock Partners UK Fund II (the “Trust“) announced today that it has successfully completed the previously announced acquisition of a development property located in the United Kingdom for an aggregate purchase price of approximately £5,100,000 (excluding closing costs), which was satisfied by way of cash from the proceeds of the Trust’s initial public offering (the “Offering“).
The Trust indirectly acquired a freehold interest in a development property located in Brentwood, United Kingdom, a municipality located northeast of London, United Kingdom (the “Brentwood Property“). The Brentwood Property currently consists of a modern warehouse and offices totaling 43,417 square feet with a self-contained, secure yard with 29 marked car parking spots. The Trust intends to fit out the current warehouse in order to develop an 80,000 square foot gross lettable area self-storage facility with 53,000 net rentable square feet of purpose built self-storage units across three floors. The development of the Brentwood Property is expected to be completed in two phases and at an estimated aggregate cost of approximately £2,952,000.
“We are excited to serve the Brentwood community and extend our self-storage footprint in London. This acquisition positions us to be able to execute on our strategic priority to build a strong self-storage and mixed-use income producing portfolio in the UK,” said Padlock Partners UK Fund II CEO, John Stevenson.
The Trust intends to finance the development of the Brentwood Property using the balance of the net proceeds of the Offering. Any funds remaining thereafter may be used by the Trust to 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 diversified income-producing commercial real estate properties in the United Kingdom, with a particular focus on self-storage and mixed-use properties, and for working capital purposes.
About Padlock Partners UK Fund II
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.
Forward-looking Statements
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 regarding future events, including statements concerning the expected development of the Brentwood Property and the anticipated use of proceeds of the Offering for development costs and to acquire one or more additional properties. 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 availability of properties for acquisition and the price at which such properties may be acquired; the strategic priorities of the Trust; the availability of mortgage financing; the capital structure of the Trust; the global and United Kingdom economic environment; foreign currency exchange rates; and governmental regulations or tax laws. 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 May 25, 2021, 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, 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 II
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