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The portfolio is made up of multi-let retail warehouse space in strong
"We are excited to be announcing KKR's first European property
acquisition, and are delighted that it is in a strong portfolio which
combines excellent locations and attractive opportunities for asset
management. KKR is perfectly placed to develop the portfolio given the
company's experience and expertise in the retail sector with leading
companies such as
The acquired assets have a strong income profile, with occupancy of 90% and a weighted average lease length of 10 years. The investment also provides operational upside through asset management, let-up, and lease re-gearing.
"We have been actively looking at the retail warehouse sector for a long
time and these three parks present a very interesting opportunity. They
offer asset management value add and a good diversity of tenant mix.
We're pleased to be working with KKR on their first direct property
KKR's real estate investment team seeks to partner with real estate owners, lenders, operators and developers to provide flexible capital to respond to transaction-specific needs, including the outright purchase or financing of existing assets or companies and the funding of future development or acquisition opportunities. The team has access to multiple pools of capital and can invest in private and public real estate opportunities.
Jones Lang LaSalle is the adviser on the transaction.
The transaction is expected to close in the forthcoming weeks.
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Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $78.3 billion in assets under management as of March 31, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.
About Resolution Property:
Resolution Property was founded in 1998 with the specific aim of
Quadrant is a private property development and investment company
founded in 1997. Its strategy is to generate strong investor returns
through intelligent asset selection and effective asset management. The
company is acting as development and asset manager on a 2 million sq ft
development pipeline valued in excess of £1 billion, including the
230,000 sq ft Moorgate Exchange, the 100,000 sq ft 100 Cheapside and the
135,000 sq ft Carmelite developments in
Source: Kohlberg Kravis Roberts & Co. L.P.
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