Padlock Partners UK Fund IV has announced the successful completion of its acquisition of two redevelopment properties in Edmonton and Haverhill, UK. The properties were purchased for an aggregate cost of approximately £3,737,500 and £3,450,000, respectively, not including closing costs. The funds for these purchases were sourced from the Trust’s initial public offering (“Offering”) and, in the case of the Edmonton property, through the assumption of debt.

On July 12, 2023, the Trust indirectly obtained a freehold interest in a warehouse property in Edmonton, UK. This property currently includes a two-story office building, a storage warehouse, and a canopy shed for parking and distribution, covering a total of 24,199 square feet. The Trust’s plan is to demolish the existing structures and construct a new building, which will provide 42,000 net rentable square feet of self-storage units across three floors. This redevelopment is expected to be completed in approximately 21 months.

On July 19, 2023, the Trust indirectly acquired a freehold interest in a commercial property in Haverhill, UK. This property currently includes a 10,000 square foot warehouse, offices, and a showroom. The Trust’s plan is to expand the existing structure, increase the roof heights, and reclad the exterior to create a self-storage facility with approximately 45,500 net rentable square feet of storage units across three internal floors. This redevelopment is expected to be completed in approximately 12 months.

John Stevenson, CEO, expressed his excitement about securing these properties for the Trust’s continued expansion in the UK. He highlighted the excellent locations of both the Edmonton and Haverhill properties and their potential to enhance the Trust’s portfolio of Class-A self-storage properties.

The Trust plans to use the remaining net proceeds from the Offering to acquire a self-storage property in Newbury, UK, and for capital expenditures on the Edmonton, Haverhill, and Newbury properties. This includes redevelopment of the Haverhill and Newbury properties, and the subsequent acquisition of additional properties in the UK, in line with the Trust’s investment objectives. These objectives include providing unitholders with the opportunity to invest in a portfolio of income-producing commercial real estate properties in the UK, with a particular focus on self-storage properties, and for working capital purposes.