A cross-firm team has advised Padlock Euro Storage Fund I, Fund II and Fund III on the consolidation of the existing funds. The funds are managed by Clear Sky Capital.

Following the reorganisation and consolidation of the funds, the team advised on the £102,700,000 loan facility that refinanced the existing debt and provided expansion capital expenditure for existing properties and acquiring new properties.

As part of the closing, the newly merged fund acquired three new properties, taking the total within the portfolio to 18.

The team was led by Partners Nick Mumby and Gurinder Mann, supported by Principal Associate Edmund Willis, Senior Associates Zoya Khan and Giles Ekblom, Associates Charles Russell and Aletia Laird, Solicitor Apprentice Yasmin Samaroo (CDI), Senior Associate Ryan Evans, Associate Emma Magee (Real Estate Finance), Partner Micky Yang, Senior Associate Lewis Broome (Corporate), Partner Paul Shaw (Tax), Partner Philip Baker and Principal Associate Hannah Daeche (Construction).

Gurinder Mann said: "We're delighted to have supported the Padlock Funds on this consolidation which will allow the merged funds to reduce their cost of capital, providing additional funding to increase the number of assets. The transaction utilised various teams and colleagues from across the firm in delivering a positive outcome for the client, demonstrating our expertise and collaborate approach."

Iyngaran Muniandy, Head of Europe at Clear Sky Capital, added: "It has been a pleasure to work with Gowling WLG through this process. They were proactive, commercial and provided practical advice which was integral to getting this deal completed."