On July 19, 2022, Padlock Partners UK Fund III (the "Trust") completed its initial public offering (IPO) of trust units, raising approximately $52.5 million. The offering included 3,958,850 Class A Units and 1,110,550 Class F Units priced at C$10.00 each, and 117,500 Class U Units priced at £10.00 each. The syndicate of agents leading the public offering comprised CIBC World Markets Inc., Richardson Wealth Limited, Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Raymond James Ltd.

The Trust, an unincorporated investment trust, aims to invest in a diversified portfolio of income-producing commercial real estate properties in the UK, focusing on self-storage properties. It is in the process of acquiring a development property in Watford, UK, with an expected closing date on or before August 3, 2022. The remaining proceeds will be used for capital expenditures to develop the Watford Property and to acquire additional properties in line with the Trust's investment objectives.

Padlock Capital Partners III, LLC, an affiliate of Clear Sky Capital Inc., is the promoter of the Trust and will manage the property portfolio. Since 2009, Clear Sky and its affiliates have invested in excess of US$463 million in equity across various real estate sectors. The securities in this offering were not registered under the United States Securities Act of 1933 and were not available for sale in the United States without registration or an applicable exemption.