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Mirastar adds £260m to UK portfolio with deal spree

KKR-backed firm also makes Italian debut as it targets the creation of a €4bn portfolio

Mirastar has completed a flurry of new acquisitions in the UK that will add around £260m to the firm’s portfolio, React News can reveal.

The KKR-backed investor, developer and asset manager has completed the acquisition of four investment properties across separate transactions totalling £160m, which together add 1m sq ft to its holdings.

It has bought an asset in Magna Park in Lutterworth from M7 Real Estate and Centerbridge, Axis J9 in Bicester from Albion Land, Port One Logistics Park in Ipswich from Curzon de Vere and an asset on Weston Avenue in Thurrock from Lothbury Investment Management. Tenants across the projects include Primark, FDS and Marks & Spencer.

Additionally, Mirastar has bought two UK development projects, which will have a combined end value of around £100m. It has acquired a project at Milton Hill near Abingon from petrol giant Esso and a scheme in Gorsey Point, Widnes from Marshall, which will together add around 950,000 sq ft to its pipeline.

Combined with its 440,000 sq ft Arterial Park scheme in Rayleigh, Mirastar now has a committed UK development pipeline of over 1.3m sq ft. Having acquired the L’Oreal distribution centre near Bury last November, the company now has a total UK portfolio of 2.5m sq ft across eight locations.

Expanding horizons

Alongside KKR, Mirastar is now targeting growing its European portfolio to between €3bn to €4bn, with around €1bn already secured, including its pipeline, totalling 4.6m sq ft. A further 2.8m sq ft is expected to be added in the second quarter of the year, with all deals in due diligence.

Currently operational in the UK, France, Benelux and Spain, Mirastar has also made its debut investment in Italy. It has bought a 70,000 sq m project in Milan, which will complete in the third quarter of 2022, and it has identified a further pipeline of 130,000 sq m in the country. The company is expected to make its debuts in Germany and the Nordics this year and is aiming to increase the size of its workforce by 50% to 24 staff.

Written by David Hatcher

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