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 approximately £170 million (US$228.5 million). Comprising assets in Stafford, Crewe, Ellesmere Port and Wakefield, the portfolio totals 1.25 million square feet.
The buyers said the portfolio is located within established logistics markets across the West Midlands, the North West and Yorkshire. Weighted average lease term is 10 years.
PLP developed the institutional-grade assets, fully leased to a diversified occupier base, with income split across retail distribution, third-party logistics and e-commerce. 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.”
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