Partners have bought a five-asset portfolio from PLP.

• What KKR and Mirastar have bought five logistics assets from PLP
• Why Partners are expanding their European industrial and logistics platform
• What next KKR is deploying capital from its core-plus and value-add real estate strategy

KKR and Mirastar have added to their European logistics portfolio with a UK acquisition of around £110m, Green Street News can reveal.

The duo have bought five assets – which total close to 890,000 sq ft – from PLP. The portfolio is currently 80% let, with a weighted average lease term to break of 10 years.

The assets are strategically located in the North West of England and Yorkshire, in Salford, Liverpool, Crewe, Sheffield and Smithywood. They are in close proximity to major population centres and are all excellently located close to key transport infrastructure and motorways.

Over the past eight years, the assets have been developed, owned and managed by PLP and its flagship investment vehicle, PLP UK Logistics Venture 1, which is owned by majority investor Ivanhoé Cambridge alongside The Peel Group, Macquarie Asset Management and PLP senior management.

Neil Dickinson, chief investment officer at PLP, said: “PLP continues to leverage third-party institutional capital across its flagship managed venture series and a number of separate managed accounts, to acquire and develop the next generation of prime logistics assets across major UK markets.”

KKR and investment and asset management platform Mirastar have been seeking to take advantage of uncertainty in the UK and European logistics market in recent months, being particularly active in deploying the private equity firm’s core-plus capital.

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This article first appeared in Green Street News on 3rd September 2024 and was written by Chris Borland.