KKR Capital Markets arranged debt financing for the deal.
- What Mirastar has bought four logistics assets at the Harlow Icon Park from TPG and Stoford for £160m
- Why The firm is growing its logistics portfolio in the UK
- What next Further acquisitions will be made
Mirastar, the European industrial and logistics platform of KKR Real Estate, has purchased four logistics assets at the Harlow Icon Park in Greater London from TPG and Stoford for £160m.
The portfolio totals 370,000 sq ft of grade A space let to low-risk covenants with tenants such as Amazon and Wincanton. The freehold assets have BREEAM Very Good ratings. The portfolio can be used for national distribution as well as last-mile distribution within Greater London.
KKR Capital Markets arranged debt financing for the deal.
The acquisition is private equity firm KKR’s second transaction through its pan-European core+ real estate strategy, which targets high-quality, substantially stabilised assets with long-term value growth potential. In January, the firm and Mirastar acquired four freehold logistics assets totalling 45,000 sq m in the Netherlands following the launch of a new European infill logistics strategy, as first reported by React News, to acquire €500m of assets in short order.
The assets were sold via the TPG Real Estate platform, which invests across multiple strategies including private equity, core plus, and commercial debt, and has $13bn in asset under management.
Diederik Schol, principal, European real estate at KKR, said: “We’re pleased to continue growing our industrial logistics portfolio in the UK with the addition of this high-quality portfolio in an important national distribution hub. The portfolio we have acquired contains well-located, high-quality assets with strong ESG credentials, and serves a structurally growing sector where there is an ongoing supply demand imbalance.”
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This article first appeared in Green Street News on 11th April 2022 and was written by Lovelyn Tagalag.
