JLL advises Clear Sky Capital on £103 million financing for Padlock Self-Storage portfolio

London, UK, 11 September – Clear Sky Capital has successfully refinanced its Padlock Self-Storage portfolio with a loan amounting to £103 million provided by an affiliate of Cerberus Capital Management, L.P., a global leader in alternative investing. 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.

Clear Sky Capital, the sponsor, is a leading real estate operating company and fund manager with a proven track record in acquiring, developing, and converting self-storage opportunities in both the US and the UK. They have acquired and developed US$1.5 billion in real estate across multifamily, self-storage, and manufactured housing asset classes. Their vertically integrated team brings extensive experience in both acquisition and development, ensuring the portfolio's continued success.

JLL’s Debt & Structured Finance team, who led the refinancing for this transaction, included Co-Head - Brad Greenway, Director - Karan Mahajan and Associate, Elena Roberts

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."

Iyngaran Muniandy, Head of Europe at Clear Sky Capital said, "We at Clear Sky Capital are thrilled to have partnered with Cerberus on this significant transaction. The pragmatic and collaborative approach taken by both parties allowed us to successfully conclude a deal of this scale, involving numerous assets, within a tight timeframe. I look forward to continuing our strong relationship with Cerberus as we explore future opportunities together."

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."

Founded in 2009, Clear Sky Capital is a real estate operating company and fund manager, headquartered in Phoenix with an office in London, and specializing in the acquisition, development, and management of investments across self-storage, manufactured housing, multifamily, and express car wash sectors, each functioning as a distinct operating platform. Since inception, Clear Sky Capital has acquired or developed in excess of $1.3 billion in assets across the United States and the United Kingdom.