KKR-fuelled warehouse specialist has stabilised growing UK holdings.

• What Aareal Bank has provided a £250m loan to Mirastar
• Why The UK portfolio it is secured against has been fully stabilised or leased since the assets were bought
• What next Mirastar is aiming to create a €3bn – €4bn European portfolio with backing from KKR

Mirastar has sealed a refinancing of a £415m UK logistics portfolio with Aareal Bank, React News can reveal.

The KKR-backed logistics specialist has agreed a loan of around £250m from the German lender, which has been secured against a portfolio of nine assets. The quantum of debt amounts to a loan-to-value in the region of 60%.

The Project Eagle process, which was led by Eastdil Secured, came about following Mirastar’s successful stabilisation and leasing of the warehouses, some of which are still under construction. The portfolio was put together through individual purchases earlier this year, with Mirastar taking on initial leasing risk on all of the 2m sq ft of space.

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This article first appeared in Green Street News on 23rd December 2021 and was written by David Hatcher.