A cross firm, multi-disciplinary team has advised Padlock Euro Storage Fund I on the sale of the Fund's interest in a diversified 27-asset self-storage portfolio situated across the UK to global real estate investor QuadReal for £280 million. In addition, we advised long-standing client Clear Sky Capital on the establishment of a joint venture with QuadReal. The JV will focus on the self-storage market and has a further £200 million of equity to invest in the sector.
The transaction represents the culmination of several years of strategic work for Clear Sky, during which the firm has supported the acquisition, optimisation and consolidation of the portfolio. Our advice spanned the full lifecycle of the investment, including real estate and construction matters, corporate, tax, finance, employment and IP. Most recently, we advised on a significant restructuring to support a successful exit.
The sale is a highly complex, cross-border transaction requiring coordinated advice across multiple practice areas in the UK and Canada.
The matter was led by Corporate Real Estate Partner Micky Yang, with support from Edmund Willis on real estate matters. Paul Shaw provided specialist tax structuring advice. Client Partner Nick Mumby provided ongoing strategic advice and oversight to support Clear Sky throughout the transaction.
Speaking on the deal, Iyngaran Muniandy, Head of Europe at Clear Sky, said: "Gowling WLG has been a trusted partner to Clear Sky for a number of years, and this transaction is a testament to the strength of that relationship. The team provided an exceptional level of service throughout what was an extremely complex and demanding process, consistently going above and beyond to ensure we felt supported at every stage. We are delighted with the outcome and look forward to continuing to work with the firm as we pursue the next phase of our growth."
Client Partner, Nick Mumby, added: "This transaction is a fantastic example of what can be achieved through long-term collaboration and truly integrated advice. We have worked closely with Clear Sky Capital from the early stages of assembling and scaling this portfolio through to its successful realisation, and this sale reflects both the quality of the assets and the strength of the strategy. It was a complex, multi-disciplinary exercise requiring seamless coordination across teams, and I am incredibly proud of the way the firm came together to deliver a first-class outcome for the client."
Gowling WLG is home to one of the UK's largest real estate practices. To learn more about our expertise and services, visit our Real Estate sector page.