/ NOT FOR DISTRIBUTION TO OUR NEWS SERVICES OR FOR DISSEMINATION IN UNITED STATES OF AMERICA./
TORONTO, July 10, 2020 / CNW / – UK Fund Padlock I Partner (the “Trust“) announced today that it has submitted with a securities commission from all provinces and regions of Indonesia Canada, and obtain a receipt for, initial prospectus for the initial public offering of a trust unit (“Offerings“). The preliminary prospectus meets the minimum distribution requirements $ 15 million and maximum C $ 40 million Class A Units, Class F Units, and / or Class C Units (collectively, “Unit“) from the Trust at a price C $ 10.00 each unit.
Trust is a disembodied investment trust and was established for the primary purpose of investing in a diversified income portfolio that produces commercial real estate properties great Britain with a focus on self-storage and the nature of mixed use. Upon completion of the Offer, the Trust intends to indirectly acquire two own storage properties and one development property located at great Britain. The net proceeds of the Offer will be used to subsequently acquire one or more additional properties at great Britain, consistent with the Trust’s investment objectives, among others, providing opportunities for unitholders to invest in a diverse income-generating commercial real estate portfolio in great Britain, with a special focus on self-storage and multi-purpose property.
Padlock Capital Partners, LLC (the “Manager“), an affiliate of Clear Sky Capital Inc. (“Bright sky“), is a Trust promoter and will also act as a portfolio manager. Since it was founded in 2009 and until the fourth quarter of 2019, Clear Sky and its affiliates acquired or developed US $ 771 million real estate investment and operating assets, more than investment US $ 270 million equity through various investment vehicles. Clear Sky’s investment is diversified in various real estate sectors including multifamily, car wash, self storage, manufactured housing, and salon suites that work together.
The syndicate of agents for the Offer will be led by CIBC World Markets Inc.
This press release does not constitute an offer to sell or solicitation of offers to buy securities from Trust in United States of America, also there will be no sale of securities from the Trust in any jurisdiction where the offer, request or sale would violate the law. The securities described here have not and will not be registered under the United States Securities Act of 1933, as amended (“1933 Act“), and may not be offered or sold at United States of America no registration or exemption applies from the registration requirements of the Act 1933 and the applicable state securities laws.
An initial prospectus containing important information relating to this security has been submitted to the securities commission or similar authority in each province and region. Canada. The preliminary prospectus can still be completed or changed. A copy of the initial prospectus can be obtained from CIBC World Markets Inc. and available at SEDAR at www.sedar.com. There will be no sale or acceptance of an offer to purchase securities until the receipt for the final prospectus has been issued.
This press release contains statements that include forward-looking information in the meaning of Canadian securities law. This forward-looking statement reflects the current expectations of the Trust and Managers about future events, including statements about the use of the Offer’s results. In some cases, forward-looking statements can be identified by terms such as “maybe”, “maybe”, “will”, “can”, “must”, “will”, “happen”, “hopes”, “plans”, ” anticipate “,” believe “,” intend “,” seek “,” aim “,” estimate “,” target “,” project “,” estimate “,” estimate “,” estimate “,” potential “,” continue ” , “possibilities”, “schedules”, or negatives or other similar expressions about things that are not historical facts.
Material factors and assumptions used by Trust management to develop forward-looking information include, but are not limited to, the Trust’s current expectations about: the availability of property for acquisition and the price at which the property can be obtained; availability of mortgage financing; Trust capital structure; global and great Britain economic environment; foreign exchange rates; and government regulations or tax laws. Although management considers these assumptions to be reasonable based on the information currently available, they might be proven wrong.
Although management believes that the expectations reflected in such forward-looking statements make sense and represent the current internal projections, expectations and beliefs of the Trust, the statements involve known and unknown risks and uncertainties that may be general or specific and that give rise to possibilities . that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be true and that goals, strategic goals and priorities may not be achieved. Various factors, many of which are outside the Trust’s control, can cause actual future results to differ materially from current expectations of predicted or anticipated events or results expressed or implied by such forward-looking statements. These factors include risks identified in the initial prospectus, including under the heading “Risk Factors” in them, as well as, among other things, risks related to the availability of property suitable for purchase by the Trust, availability of mortgage financing for property, and economic factors and the market in general, including interest rates, potential real estate buyers, business competition, changes in government regulations or income tax laws. Readers are warned not to place undue dependence on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust is not obliged to openly update or revise forward-looking statements, whether as a result of new information, future events or vice versa, after the date on which the statement was made or to reflect the occurrence unexpected event.
SOURCE Padlock Partners, UK Funds I
For more information: John Stevenson, Chief Executive, 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]