PADLOCK EURO STORAGE FUND I COMPLETES SUCCESSFUL ACQUISITION OF ASSETS OF OTHER PADLOCK FUNDS BY WAY OF A PLAN OF ARRANGEMENT

TORONTO, July 31, 2024 /CNW/ - Padlock Euro Storage Fund I (the "Merged Fund"), Padlock Partners UK Fund II ("Fund II") and Padlock Partners UK Fund III ("Fund III", and together with Fund II the "Acquired Padlock Funds") today announced that they have completed their previously announced plan of arrangement (the "Arrangement") pursuant to which, among other things, the Merged Fund indirectly acquired all of the assets of the Acquired Padlock Funds, resulting in the consolidation of the assets of Merged Fund and the Acquired Padlock Funds.

As a result of the Arrangement, the Merged Fund's portfolio now comprises 15 self-storage assets across three UK primary markets and aggregating 615,392 square feet of maximum lettable area.

Following the Arrangement, holders of units of Padlock Partners UK Fund I (the predecessor name of the Merged Fund) now hold Merged Fund units, Series 1, while holders of units of Fund II now hold Merged Fund units, Series 2 and holders of units of Fund III now hold Merged Fund units, Series 3.

Each of the Acquired Padlock Funds intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

About Padlock Euro Storage Fund I

The Merged Fund 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 Merged Fund has acquired self-storage properties in Bicester, Letchworth, Leighton Buzzard, Wimbledon, Chippenham, Enfield, Huntingdon, Brentwood, Newmarket, Houghton Regis, Brighton, Watford, Woking, Southend and Seaford.

SOURCE Padlock Euro Storage Fund I

To learn more about the Merged Fund, contact: John Stevenson, Chief Executive Officer, Padlock Euro Storage Fund I, [email protected] ; Matthew Collins, Chief Financial Officer, Padlock Euro Storage Fund I, [email protected]