KKR鈥檚 European industrial and logistics real estate platform has acquired a 拢160m (鈧�186.3m) UK portfolio from TPG鈥檚 real estate arm and Stoford.
KKR鈥檚 Mirastar has acquired four newly-built logistics assets, located in Harlow from TPG Real Estate and property developer Stoford.
KKR said the four assets, totalling 370,000sqft, are located in Harlow, Greater London, and let to low-risk covenants.
The latest deal is KKR鈥檚 second from its pan-European core-plus real estate strategy, following the acquisition of four freehold logistics assets totalling 45,000sqm in the Netherlands in January.
Ian Williamson, managing director and head of core-plus real estate in Europe at KKR, said: 鈥淲e鈥檙e delighted to announce our first UK acquisition for KKR鈥檚 core-plus strategy for real estate.
鈥淗igh-quality logistics assets are one of the main investment themes for our core-plus strategy in Europe and this marks the second successful transaction in just three months since the platform was launched last year. The combination of protection on the downside and optionality on the upside is compelling.鈥�
Diederik Schol, principal in KKR鈥檚 European real estate team, said: 鈥淲e鈥檙e pleased to continue growing our industrial logistics portfolio in the UK with the addition of this high-quality portfolio in an important national distribution hub.
鈥淭he portfolio we have acquired contains well-located, high-quality assets with strong ESG credentials, and serves a structurally growing sector where there is an ongoing supply-demand imbalance.鈥�
Ekaterina Avdonina, CEO and co-founder at Mirastar, said: 鈥淲e are excited to expand on our investments with KKR. The Harlow Icon Park is a rare modern logistics park within the M25 which was completed in the last two years. This acquisition complements the growing core-plus logistics portfolio.鈥�
Michiel Celis, a business unit partner at TPG Real Estate, said: 鈥淲e, alongside our partner Stoford, acquired the site in 2018 and successfully developed this prime logistics park on time and on budget.
鈥淭he buildings all have strong ESG credentials and are fully let on long leases to a roster of high-quality tenants, including Amazon and Wincanton.鈥�
Angus Huntley, director at Stoford, said: 鈥淲e and our partners at TPG have significantly invested in repositioning the site since our acquisition in 2018, by demolishing the existing buildings and developing three speculative new units and one pre-let.
鈥淲e have asset managed the scheme throughout to ensure that the site has remained operational for existing tenants.鈥�
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