Clear Sky Capital has refinanced its Padlock Self-Storage portfolio with a loan amounting to £103 mln (€122 mln) provided by Cerberus Capital Management.
JLL advised the borrower on the deal.
The portfolio comprises of 18 high-quality self-storage assets located across London, the South-East, and South-West of the UK and operates under the Cinch Self Storage brand.
The assets are strategically positioned near arterial routes with prominent frontage to support customer capture and are bolstered by high local demand and low levels of competition. Clear Sky Capital's self-storage platform, ranks among the ten largest in the UK, currently operating 24 stores. Cinch's strong branding, industry-leading customer experience ratings, strategic acquisitions, and operational improvements further strengthen the platform.
Brad Greenway, co-head, Debt and Structured Finance, EMEA, JLL said, 'We are delighted to have advised Clear Sky Capital on this notable refinancing. This transaction not only underscores the strength and resilience of the self-storage sector but also highlights Clear Sky Capital's strategic vision and operational excellence.'
Daniel Dejanovic, head of Real Estate Advisory at Cerberus, said, 'This partnership is well aligned with our focus on partnering with top sponsors on high-quality real estate opportunities. We continue to see strong fundamentals in the self-storage sector and are excited to support Clear Sky Capital on this venture.'
