QuadReal Property Group, the real estate investment, development and operating arm of British Columbia Investment Management Corporation, has acquired a 27-asset U.K. self-storage portfolio from Padlock Euro Storage Fund I for £280 million (approximately C$515 million) and concurrently established a new joint venture partnership with Phoenix-based Clear Sky Capital, Inc. QuadReal holds a 95 percent interest in the joint venture, with affiliates of Clear Sky and members of management collectively retaining an indirect 5 percent equity interest. The acquisition was completed indirectly through QR CS Padlock LP, an affiliate of QuadReal. The portfolio comprises approximately 1.2 million square feet of new-generation self-storage facilities concentrated in the South East of England, featuring climate-controlled units, electric vehicle charging capabilities and security technology. Beyond the seed portfolio, the joint venture has committed a further £200 million of equity to invest in the U.K. self-storage sector. Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed as asset and property manager for the joint venture. The transaction is QuadReal's second major self-storage acquisition of the cycle, following its May 2025 acquisition of Vancouver-based Maple Leaf Self Storage. With the addition of the Padlock portfolio, QuadReal's global self-storage platform now comprises more than 80 facilities and approximately 6.3 million square feet across the United Kingdom, Canada and the United States.

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.