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TORONTO, March 20, 2025 – Padlock Euro Storage Fund I (the “Trust”) today announced a successful increase in the funding of its £102,700,000 Senior Secured Term Loan Facility (the “Facility”). The Facility, which is secured solely by a first, fixed legal mortgage on properties indirectly owned by the Trust, will be increased to £155,000,000. The expanded loan will be used mainly for capital expenditures to expand existing properties and to acquire new locations as the Trust continues to develop its platform in the United Kingdom.

The Facility’s maturity date remains the same: 3 years from the loan’s initial commencement, with the option for two one-year extensions. The Facility has a variable interest rate.

According to Matthew Collins, Chief Financial Officer of Padlock Euro Storage Fund I, “This increased debt facility reflects both the success of our platform thus far and our potential for growth as we continue our expansion in the United Kingdom. It will enable us to purchase and develop more Class-A self-storage properties, strengthen our portfolio, and introduce our product to new markets.”

About Padlock Euro Storage Fund I

The Trust is an unincorporated investment trust established under the laws of the Province of Ontario. Its primary objective is to invest in a diverse portfolio of income-producing commercial real estate in the United Kingdom, focusing on self-storage and mixed-use properties. The Trust currently owns self-storage properties in Bicester, Letchworth, Leighton Buzzard, Wimbledon, Chippenham, Enfield, Huntingdon, Brentwood, Newmarket, Houghton Regis, Brighton, Watford, Woking, Southend, Seaford, Gillingham, Micham, Sittingbourne, and Wisbech.

Forward-looking Statements

This news release contains forward-looking information as defined by Canadian securities laws. These statements reflect the Trust’s, Clear Sky’s, and the Manager’s current expectations regarding future events. Forward-looking statements are often identifiable by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative of these terms, or similar expressions concerning matters that are not historical facts.

The material factors and assumptions used by the Trust’s management to develop forward-looking information include, but are not limited to, its current expectations regarding: the Manager’s expectations for the operation and development of its properties, including the anticipated timeline for the Trust’s development plans; the Trust’s capital structure; the Trust’s expected use of the Facility’s proceeds; and assumptions about the markets in which the Trust plans to operate. While management believes these assumptions are reasonable based on current information, they may be incorrect.

Although management believes the expectations reflected in these forward-looking statements are reasonable and represent the Trust’s internal projections, expectations, and beliefs at the time, such statements involve known and unknown risks and uncertainties, both general and specific. These risks and uncertainties may cause expectations, forecasts, predictions, projections, or conclusions to be inaccurate, assumptions to be incorrect, and strategic goals and priorities to remain unachieved. Various factors, many 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 these statements. These factors include risks identified in the Trust’s annual management’s discussion and analysis and in the joint management information circular of the Trust and the predecessor Padlock funds dated June 24, 2024, including under the heading “Risk Factors”, as well as risks related to the availability of suitable properties for the Trust to purchase, the availability of mortgage financing for these properties, the Trust’s ability to access the Facility’s proceeds or use any amount received under the Facility for its identified purposes, and general economic and market factors such as interest rates, prospective real estate purchasers, business competition, negative geo-political events, and changes in government regulations or income tax laws. Readers should not place undue reliance on forward-looking statements. The Trust does not undertake any obligation to update or revise any forward-looking statements publicly, whether due to new information, future events, or other reasons, after the date the statements were made, or to reflect the occurrence of unanticipated events, except as required by applicable Canadian securities laws.

SOURCE Padlock Euro Storage Fund I

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