On December 19, 2025, Padlock Euro Storage Fund I agreed to sell a 95% indirect interest in its portfolio of 26 U.K. self-storage and mixed-use properties to QR CS Padlock LP, an affiliate of QuadReal Property Group. The transaction values the properties at a gross asset value of approximately £270 million (about C$498.2 million), with the Fund expecting net cash proceeds of about £93.6 million (about C$172.7 million) for its 95% interest after debt assumption, applicable U.K. exit taxes, estimated transaction and closing costs, and carried interest, assuming full receipt of the approximately £17.182 million (about C$31.7 million) Closing Retention Amount. U.K. Exit Taxes are estimated at £6.273 million (about C$11.6 million) and managers’ carried interest at £4.097 million (about C$7.6 million). The consideration may be reduced by £3 million (about C$5.5 million) if a planning condition for the Chippenham South property is waived. If required unitholder approvals are not obtained, the Fund must reimburse the Purchaser’s expenses of £2.4 million (about C$4.4 million), and a termination fee of approximately £4.582 million (about C$8.5 million) is payable to the Purchaser in certain other circumstances under the Purchase Agreement. Based on this transaction, the Fund estimates pre-tax gross IRRs ranging from 0.37% to 10.01% across unit classes and series.

CIBC World Markets is exclusive financial advisor; Blair Franklin is independent financial advisor. Blake, Cassels & Graydon and Gowlings WLG (UK) advised the Fund, Wildeboer Dellelce advised the Independent Trustees, and Linklaters and Stikeman Elliott advised QR CS Padlock LP.