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KKR and Mirastar buy four UK logistics assets for about £170 million
The portfolio spans 1.25 million square feet across Stafford, Crewe, Ellesmere Port and Wakefield, with a weighted average lease term of 10 years.
ConnectCRE reports that KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have acquired a portfolio of four prime UK logistics assets from PLP for about £170 million, or US$228.5 million.
The assets are located in Stafford, Crewe, Ellesmere Port and Wakefield, and together total 1.25 million square feet, with the portfolio positioned within established logistics markets across the West Midlands, the North West and Yorkshire.
According to ConnectCRE, the properties are fully leased to a diversified occupier base, with income split across retail distribution, third-party logistics and e-commerce, and the weighted average lease term is 10 years.
ConnectCRE also notes that around 60% of the rent roll comes from tenants whose parent companies hold investment-grade credit ratings, and that Mirastar CEO Ekaterina Avdonina said the deal reflects long-term confidence in the UK logistics sector’s fundamentals.