KKR acquires industrial property porfolio in U.S. for $835m

KKR acquires industrial property porfolio in U.S. for $835m

KKR today announced that it has acquired a portfolio of approximately 9.7 million square feet of industrial real estate properties located in seven major markets across the U.S. from High Street Logistics Properties for $835 million.

KKR said the acquisition grows KKR’s portfolio of industrial properties across its funds to approximately 30 million square feet in strategic locations across major metropolitan areas in the U.S.

“This acquisition is an important milestone for our business as we continue to invest behind the strong demand fundamentals for warehouses that we see across the country,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.

“This is a strategic portfolio for us that deepens our footprint in our existing markets and also expands our holdings into attractive new markets,” he added.

READ ALSO : KKR buys two industrial distribution properties in Texas for $171m

The newly acquired portfolio consists of primarily multitenant industrial assets in attractive infill submarkets and is complementary to KKR’s existing footprint in the major markets of Atlanta, Baltimore, Chicago, Central Florida and Dallas. The acquisition also expands KKR’s industrial real estate portfolio to new markets in Central Pennsylvania and South Florida.

KKR is making the investment through its Real Estate Partners Americas Fund II. Since launching a real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020.

CBRE National Partners represented High Street in the transaction.