KKR and Mirastar sell three logistics assets in UK

KKR and Mirastar sell three logistics assets in UK

KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have sold three modern logistics assets totalling approximately 708,000 square feet at the Gorsey Point logistics park in Widnes, UK to a commingled fund managed by Clarion Partners Europe.

The properties were acquired through forward-purchase agreements by KKR Real Estate Partners Europe II Fund and were constructed in two phases by Commercial Development Projects Ltd throughout 2022. The assets were developed with a strong environmental focus, resulting in BREEAM “Excellent” certification and EPC “A” ratings. All units benefit from LED lighting, EV charging and water saving initiatives.

Gorsey Point has excellent connectivity to the regional motorway network, as well as the rail freight terminal at Widnes, Garston Docks, the Port of Liverpool and Liverpool John Lennon Airport. The properties were over 90% let prior to delivery to two high-quality tenants: Supply Chain Coordination Limited, manager of the NHS Supply Chain operations owned by the UK’s Secretary of State for Health and Social Care, and Kammac Limited, a 3PL operator.

Ekaterina Avdonina, CEO and co-founder at Mirastar, said: “The successful sale of Gorsey Point ahead of our business plan is testament to the strong relationship between Mirastar, KKR and Commercial Development Projects Ltd. These assets are located in an established logistics location and have been developed to excellent ESG credentials. This has enabled Mirastar to successfully achieve pre-lets on more than 90% of the space.”  

Seb d’Avanzo, Managing Director and Head of Real Estate Acquisitions for KKR in Europe, said: “We are pleased to complete the sale of these three high-quality assets. This transaction is a great validation of our strategy with Mirastar to develop well-located logistics properties with state-of-the-art physical features that are in-demand across market environments. We maintain a strong conviction in the European logistics sector and will continue to actively seek value within it.”

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