Padlock Partners UK Fund I Continues UK Growth with Acquisition of Existing Self-Storage Business in Bicester, England

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TORONTO, Dec. 22, 2020 /CNW/ - Padlock Partners UK Fund I (the "Trust") announced today that it has completed its acquisition of Cinch Self Storage Bicester, 1 Arkwright Rd, Bicester, England (the "Bicester Property") for £3,200,000, which was satisfied by way of cash from the proceeds of the Trust's initial public offering. The Trust indirectly acquired a leasehold interest in the Bicester Property via a purchase of the shares of the controlling company. Simultaneous to the closing, the Trust indirectly negotiated and signed a new 20 year lease under the Landlord and Tenant Act 1954.

The self-storge facility is located in Bicester, a market town northwest of London within the Oxford to Cambridge growth corridor. Opened in late 2018, this Class A self-storage business provides approximately 25,000 square feet in total across 3 internal floors.

This transaction marks the 6^th Padlock Partners UK Fund I location in the United Kingdom. The Trust has previously acquired sites in Wimbledon, Letchworth, Leighton Buzzard, Newmarket and Chippenham.

"We are thrilled to acquire such an exceptional site and expand our self-storage footprint in the United Kingdom. This location will further enhance our portfolio as we look to be the top-of-mind storage provider in London and surrounding commuter markets. This acquisition allows us to continue executing on our strategy to build a strong self-storage and mixed-use income producing portfolio in the UK," said Padlock Partners UK Fund I CEO, John Stevenson.

About Padlock Partners UK Fund I

The Trust is an unincorporated investment trust 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 three operating self-storage properties in Bicester, Letchworth, Leighton Buzzard and development properties in London, Newmarket and Chippenham

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 regarding future events, including statements concerning the Trust's plans for the Bicester Property. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "approximate", "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: development; the availability of debt financing; the capital structure of the Trust; the global and United Kingdom economic environment; foreign currency exchange rates; and governmental regulations or tax laws. 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. 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 Partners UK Fund I

John Stevenson, Chief Executive Officer, Padlock Partners UK Fund I, 480-309-6184, [email protected]; Matthew Collins, Chief Financial Officer, Padlock Partners UK Fund I, 480-428-0152, [email protected]