TORONTO, Sept. 1, 2022 /CNW/ - Padlock Partners UK Fund II (the "Trust") announced today that it has successfully completed the acquisition of the freehold interest in the land and existing building at Cemetery Road, Houghton Regis LU5 5BJ in the United Kingdom (the "Houghton Regis Property") for £2,300,000. The purchase price was satisfied by way of cash from the proceeds of the Trust's initial public offering.
The Trust intends to convert and expand the existing warehouse into approximately 35,000 net rentable square feet of Class A self-storage space. Total deal capitalization is £3,650,000 inclusive of the purchase price. Total build-out and conversion is expected to complete within 12 months with the first of the newly created self-storage units expected to be available in the 3rd quarter of 2023.
The Trust has previously acquired self-storage properties in Brentwood, Huntingdon, and Newmarket.
"We are happy to acquire this property in such a vibrant market in Houghton Regis. The central location and prominence of the site should provide for numerous opportunities for us to serve our customers and the community. This acquisition allows us 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.
Source: https://www.newswire.ca/news-releases/padlock-partners-uk-fund-ii-completes-acquisition-of-houghton-regis-property-826879695.html
5/9/22 : update from John Stevenson, Clear Sky Capital, Inc, Padlock Capital Partners LLC who writes,
"confirmed it’s the old Morrison’s site. We hope to expand and renovate the building in keeping with the local neighborhood aesthetics (especially in keeping the landscaping/trees/greenery). We’re pursuing more of a mixed use site with storage in the back with offices and small retail on the frontage. If you have any questions please do reach out. "
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