KKR, a leading global investment firm, announced the acquisition of a portfolio of 9.7 million square feet of industrial real estate located in seven major markets across the U.S. from High Street Logistics Properties for an aggregate purchase price of approximately $835 million.
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.
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.
“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,” Morales added.
KKR is making the investment through its Real Estate Partners Americas Fund II. Since launching a dedicated 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.
The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.
CBRE National Partners represented High Street in the transaction.
Source: Business Wire
