KKR-backed logistics specialist plotting “rapid expansion” across the country.
- What Alexander Frenken has joined Mirastar
- Why To help accelerate the company’s growth in the German market
- What next Frenken will be responsible for new acquisitions, deal sourcing and supporting asset management and leasing activities
Mirastar has recruited Alexander Frenken from Nuveen to help accelerate its growth in the German market, Green Street News can reveal.
The KKR-backed logistics specialist has appointed Frenken as director – Germany, and he will be responsible for new acquisitions, deal sourcing, and supporting asset management and leasing activities throughout the country.
Frenken was previously a senior director of investment at Nuveen based in Frankfurt for three-and-a-half years, with a particular focus on industrial and logistics, forward fundings and joint ventures. He was previously a director at BNP Paribas Real Estate for over seven years, specialising in buy-side advice and has advised on €2.5bn of transactions over 15 years.
Mirastar and KKR made their first foray into the German market in June, buying a 49,000 sq m (527,400 sq ft) asset from Union in Hanover for €53m, which is leased to logistics solutions provider Fiege and drugstore chain Rossmann.
In an interview with Green Street News in July KKR’s head of real estate for Germany, Jan Baumgart, said that the private equity firm is considering logistics investments both for its new pan-European core-plus fund, which is targeting distribution yields of 4% and higher, and for its opportunistic vehicle Real Estate Partners II, which closed in 2021 with $2.2bn.
Ekaterina Avdonina, chief executive and co-founder of Mirastar, said: “We are delighted to have Alex joining the Mirastar team, based full time in Frankfurt. His extensive experience, knowledge and contact base, combined with his undoubted energy and drive, will further accelerate our rapid expansion across the German market.”
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This article first appeared in Green Street News on 3rd October 2024 and was written by David Hatcher.
