QuadReal buys 27-asset UK self-storage portfolio for £280m, forms £480m JV with Clear Sky

QuadReal acquired Padlock Euro Storage Fund I's 27-asset UK self-storage portfolio for £280 million, simultaneously forming a £480 million joint venture with Clear Sky Capital to deploy a further £200 million in UK self-storage acquisitions and development. The portfolio totals 1.2 million sq ft in predominantly South East locations. The JV structure (95/5 QuadReal/Clear Sky) brings institutional capital and operational expertise together in one of the UK's most fragmented but growing real estate sub-sectors. QuadReal Property Group (global real estate investor, Vancouver; buyer and 95% JV shareholder); Clear Sky Capital (private real estate manager; JV partner and management platform); Cinch Self Storage (Clear Sky-owned operating company; asset and property manager); Padlock Euro Storage Fund I (seller). The acquisition was funded through QuadReal's existing equity/debt resources. The JV also commits £200 million of additional equity for future acquisitions - incremental debt financing expected as assets are acquired.