Date Closed

July 19, 2022

Lead Office

Toronto

Value

52.50 Million CAD

On July 19, 2022, CIBC World Markets Inc., and a syndicate of agents completed its initial public offering of C$52.5 million trust units of Padlock Partners UK Fund III (the "Trust"), comprised of 3,958,850 Class A Units, 1,110,550 Class F Units and 117,500 Class U Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit and £10.00 per Class U Unit.. The syndicate of agents in the offering was led by CIBC World Markets Inc. and included Richardson GMP Limited, Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd.

Padlock Partners UK Fund III is an unincorporated investment trust and was established for the primary purpose of investing in a diversified portfolio of income producing commercial real estate properties in the United Kingdom, with a focus on self-storage and mixed-use properties.

CIBC World Markets Inc. is the investment banking subsidiary of the Canadian Imperial Bank of Commerce that operates as an investment bank both in the domestic and international equity and debt capital markets.

McCarthy Tétrault LLP advised CIBC World Markets Inc. with a team led by Andrew Armstrong that included Michael Eldridge and Gurvir Sangha (Business) and Nigel Johnston (Tax).