KKR has acquired an industrial distribution property in Phoenix. The purchase price is about $43 million.
NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced the acquisition of an industrial distribution property in Phoenix, Arizona for a purchase price of approximately $43 million. The asset is the third industrial property acquired by KKR’s core plus real estate strategy.
The property is a state of the art fulfillment center completed in 2019 and was 100% leased at acquisition to the wholly owned subsidiary of a leading, Investment Grade public company.
“We are pleased to acquire our first industrial property in Phoenix, which is a market with highly attractive fundamentals,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “This is an important transaction for us as we continue to develop and diversify our industrial footprint.”
KKR owns over 14 million square feet of industrial property in strategic locations near major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $12.0 billion across the U.S., Europe and Asia as of June 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.