/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Aug. 2, 2024
/CNW/ - Padlock Euro Storage Fund I (the "Trust") announced today
that it has closed a £102,700,000 Senior Secured Term Loan Facility
(the "Facility"). The Facility is solely secured by a first, fixed
legal mortgage over the properties indirectly owned by the Trust.
The Facility purpose is for refinancing existing debt, expansion
capital expenditure for existing properties and acquiring new
properties. The Facility was arranged by JLL's Debt and Structured
Finance team in London.
The Facility matures in 3 years with 2 one-year extension
options and is a variable rate loan.
"This facility represents the fulfillment of our strategy to
refinance our expansion in the United
Kingdom, enabling us to acquire and develop more
high-quality self-storage and mixed-use properties. We are
enthusiastic about advancing our efforts to build a robust
portfolio across the United
Kingdom," said Padlock Euro Storage Fund I Chief Financial
Officer, Matthew Collins.
About Padlock Euro Storage Fund I
The Trust is an unincorporated investment trust formed under the
laws of the Province of Ontario
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. Currently,
the Trust has acquired self-storage properties in Bicester,
Letchworth, Leighton Buzzard,
Wimbledon, Chippenham,
Enfield, Huntingdon, Brentwood, Newmarket, Houghton Regis, Brighton, Watford, Woking, Southend, and Seaford.
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, Clear Sky and the Manager
regarding future events. 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 operation and development of its
properties, including the expected timeline for the Trust's
development plans; the capital structure of the Trust; and
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 annual management's discussion and analysis of
the Trust and in the joint management information circular of the
Trust and the predecessor Padlock funds dated June 24, 2024, 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 Euro Storage Fund I