KKR and Mirastar have acquired a 1.25m sq ft portfolio of UK logistics assets from PLP for circa £170m.
The fully let portfolio comprises assets in Stafford, Crewe, Ellesmere Port and Wakefield and has a weighted average lease term to break of 10 years.
The occupier base is split across retail distribution, third-party logistics and e-commerce, and around 60% of the rent roll is derived from tenants whose parent companies hold investment grade credit ratings.
Ekaterina Avdonina, CEO and co-founder at Mirastar, said: “This acquisition reflects our continued conviction in the long-term fundamentals of the UK logistics sector. The portfolio’s high quality assets, strong occupier base and resilient income profile provide an excellent foundation for value creation and we look forward to leveraging Mirastar’s operating expertise to support the assets’ continued growth and performance.”
Seb d’Avanzo, co-head of European real estate equity at KKR, added: “This transaction demonstrates our ability to deploy capital at scale into high quality core real estate assets and reflects our conviction in the long-term outlook for the logistics sector. We continue to see attractive opportunities to invest in assets that benefit from long-term structural trends and generate durable cash flows for investors.”
Neil Dickinson, chief investment officer at PLP, said: “We’re delighted to complete the sale of this portfolio, which demonstrates our ability to identify opportunities, execute our business plan and create meaningful value for our investors. The transaction reflects the quality of the assets, the hard work of our team and continued demand for well-positioned real estate. We remain excited by the opportunities we see in the market and look forward to deploying capital to develop the next generation of investments.”
KKR and Mirastar were advised by DTRE and PLP was advised by CBRE.
