Padlock Euro Fund 1 has indirectly purchased 15 self-storage facilities in the U.K. through a merger.

The fund is managed by Toronto-based Padlock Capital Partners. Padlock announced that the acquisition was completed via the merger of three funds into one.

The merged fund is an unincorporated investment trust formed in accordance with Ontario laws for the primary purpose of investing in U.K. income-producing commercial real estate.

The acquired properties are located in three primary U.K. markets and have 615,392 square feet of maximum lettable, or leasable, area. The self-storage facilities were purchased through a multi-faceted plan of arrangement

The newly branded Padlock Euro Fund 1 merged with Padlock Partners UK Fund II and Padlock Partners UK Fund III. The merged fund was previously known as Padlock Euro Storage Fund 1.

The 15 acquired assets comprise the merged fund’s entire property portfolio, which is also slated to include U.K. mixed-use commercial real estate assets.

Padlock Capital operates self-storage facilities in partnership with U.K.-based Cinch Storage, which falls under the ownership of Padlock Euro Fund 1.

Padlock Capital and Cinch are affiliates of Phoenix-based real estate and development firm Clear Sky Capital.

John Stevenson, a self-storage investment specialist based in Phoenix, heads both Padlock Capital and Clear Sky.