Padlock Euro Storage Fund I has announced the acquisition of a new self-storage property in the U.K.

The fund comprises unincorporated investment trust controlled by Toronto-based Padlock Capital, which specializes in acquiring income-producing real estate, particularly in the self-storage and mixed-use sectors across the U.K.

The acquired asset is located in Wisbech, England. The fund acquired the property as part of its indirect purchase of SBR WB Limited. The acquisition, valued at £100,000, was funded by cash proceeds from the trust’s recently secured refinance debt facility.

The Wisbech property, a four-story, freehold self-storage facility, is expected to be completed in the first quarter of 2025. Upon delivery, the facility will offer approximately 52,500 net rentable square feet of self-storage units. Padlock plans to begin leasing the facility during its stabilisation period.

“This strategic acquisition provides for the opportunity to acquire a class A storage warehouse upon practical completion in a dynamic and growing market in Wisbech, UK,” said Iyngaran Muniandy, head of Europe for Padlock Euro Storage Fund I.

The transaction marks the trust’s 19th self-storage property in the U.K., all operated under the Cinch Storage brand. The trust has an established portfolio of self-storage facilities across London and the Southwest and Southeast U.K. regions.

The remaining proceeds from the refinancing will be used in line with the trust’s investment objectives to build a diversified portfolio of income-generating commercial properties in the U.K., with a primary focus on self-storage, said Padlock.

Padlock Capital operates self-storage facilities in partnership with U.K.-based Cinch Storage, which falls under the trust’s ownership umbrella.

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.