Padlock Partners UK Fund II, an unincorporated investment trust with interest in mixed-use and self-storage properties, has filed a preliminary prospectus for an initial public offering (IPO) in Canada. The prospectus qualifies the distribution of C$20 million to C$40 million in class units at either C$10 (class A, C and F) or £10 (class U) per unit. Once the offering closes, the trust intends to indirectly acquire an existing storage facility and a development site in the United Kingdom, according to a press release.
Any balance of net proceeds following the initial acquisitions will be used for capital expenditures as well as future U.K. property purchases. The goal of the trust is to provide shareholders opportunities 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,” the release stated.
The preliminary prospectus is still subject to completion or amendment. The sale of securities won’t occur until a final prospectus has been issued, according to the release. The offer isn’t available in the United States.
Padlock Capital Partners II LLC, an affiliate of Phoenix-based Clear Sky Capital Inc., serves as the trust promoter and will manage the portfolio. Clear Sky is also an affiliate of Padlock Capital Partners LLC, which promotes and manages Padlock Partners UK Fund I. The Fund I trust completed a C$36.6 million IPO last year. It operates six self-storage facilities in Bicester, Chippenham, Letchworth, Leighton Buzzard, Newmarket and Wimbledon, England.
Founded in 2009, Clear Sky and its affiliates have acquired or developed $875 million of real estate and operating assets and invested more than $323 million of equity through various investment vehicles, the release stated. The company’s real estate includes car washes, co-working salon suites, manufactured housing, multi-family and self-storage.
Yahoo Finance, Padlock Partners UK Fund II Files Preliminary Prospectus for Initial Public Offering