KKR Real Estate’s European industrial and logistics platform Mirastar has added five assets totaling 53,000 square meters to the Spanish portfolio.
KKR said the five transactions represent the platform’s ambition to increase its presence in Spain.
The three last-mile logistics assets are located in strategic hubs within the Barcelona and Madrid metropolitan areas and consist of a mixture of let and vacant tenancies. The investments consist of a 8,000 square meter vacant logistics asset in Coslada with refurbishment works to be executed shortly (Ring 1 Madrid), a 3,000 square meter logistics asset fully let in La Maquinista (Ring 1 Barcelona) and a 10,000 square meter asset fully let in Castellar del Valles (Ring 2 Barcelona).
In addition, Mirastar is purchasing two turnkey projects in the strategic locations of Valls and Constanti in Tarragona with a total area of 32,000 square meters. The projects benefit from excellent connections to Barcelona, Tarragona city, and the seaport and airport of Tarragona. Both projects are expected to be delivered in the fourth quarter of 2023 by leading Spanish developers, Onilsa (Constanti) and Carbonell Figueras (Valls), with engineering works by INEL.
The new projects will target both the “Excellent” rating of the BREEAM sustainable building certificate and the “A” rating of the Energy Efficiency Certificate (EEC), representing Mirastar and KKR’s commitment to environmental sustainability and energy efficiency.
The investments follow the recent acquisition of a 10,000 square meters turnkey project in Ripollet, Barcelona.
Amos Chia, Investments Director at Mirastar, said: “The acquisitions compliment the first transaction we signed recently. Mirastar will continue our significant investment program in Spain focusing on key sub-markets and owning and developing assets with strong ESG credentials.”
Diederik Schol, Principal in EMEA Real Estate at KKR, said: “The transactions are the latest wave of successful acquisitions in Spain which continues our investment into quality logistics assets across Europe. These assets are strategically located and we feel confident of growing the platform rapidly in Spain over the coming 12-18 months.”