Gowling WLG Advised Padlock Euro Storage Fund I on Major Portfolio Sale

Gowling WLG Advised Padlock Euro Storage Fund I on Major Portfolio Sale

Gowling WLG, through 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, the firm 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. The advice spanned the full lifecycle of the investment, including real estate and construction matters, corporate, tax, finance, employment and IP. The sale is a highly complex, cross-border transaction requiring coordinated advice across multiple practice areas in the UK and Canada.

Speaking on the deal, Iyngaran Muniandy (Head of Europe, 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."

Nick Mumby (Client Partner), 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."

The Goodwin WLG cross firm team was led by Micky Yang (Partner/ Corporate/ Real Estate) with support from Edmund Willis (Principle Associate) on real estate matters. Paul Shaw (Partner) provided specialist tax structuring advice. Nick Mumby (Client Partner) provided ongoing strategic advice and oversight to support Clear Sky throughout the transaction.

Click to know more about Gowling Wlg.

If you have a news or deal publication or would like to collaborate on content, columns, or article publications, connect with the Legal Era News Network Team and email us at info@legalera.in or call us on +91 8879634922.