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Friday, March 31, 2023

KKR (NYSE: KKR) Confirm Mirastar Buys UK Logistics Portfolio

KKR & Co. Inc. (NYSE: KKR) confirmed that Mirastar which is a KKR Real Estate’s industrial and logistics platform in Europe, has bought four UK logistics assets, situated in Harlow, for £160m from TPG and Stoford. The four newly-built Grade A freehold assets, total 370,000 square feet.

The assets have strong ESG performance, with all four buildings receiving BREEAM “Very Good” ratings. With continuous undersupply and high occupier demand, the logistics sector in the UK continues to witness sustained rental growth, and the Harlow property is well-positioned, capable of being used for both national distribution and last-mile distribution within Greater London.

TPG is selling the assets through its TPG Real Estate platform, which has a $13 billion AUM and invests in a variety of strategies including private equity, core plus, and commercial debt. TPG Real Estate Partners (TREP), TPG Real Estate’s devoted proactive real estate equity investment platform, has established a differentiated investment portfolio of real estate-rich platforms and portfolios located primarily in the United States and Europe, with $6.1 billion in assets under management, since its founding in 2009.

Furthermore, after the acquisition of four freehold logistics assets totaling 45,000 square meters in the Netherlands in January, this is KKR’s second deal from its pan-European Core+ Real Estate strategy. KKR’s Core+ approach seeks out high-quality, well-stabilized assets with the potential for long-term value creation. KKR Real Estate holds about 1.6 million square meters of logistics properties across Spain, Italy, the United Kingdom, France, Ireland, and the Netherlands as of Q4 2021.

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