KKR and Mirastar Complete Acquisition of Portfolio of Four Prime UK Logistics Assets from PLP

LONDON--(BUSINESS WIRE)--KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have announced the acquisition of a portfolio of four prime UK logistics assets from PLP for approximately £170 million, totalling 1.25 million square feet.

The portfolio comprises assets in Stafford, Crewe, Ellesmere Port and Wakefield, all located within established logistics markets across the West Midlands, the North West and Yorkshire. The assets provide best-in-class specifications combined with secure, long-term income, with a weighted average lease term to break of 10 years.

PLP developed the institutional-grade assets which are fully let 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.

The portfolio also benefits from strong sustainability credentials, including rooftop solar photovoltaic installations across all four assets, BREEAM ratings ranging from Excellent to Very Good and EPC ratings of A, reflecting PLP’s standard specification for modern, institutional-grade logistics assets, where sustainability features are embedded from the outset.

The transaction reflects KKR and Mirastar's ability to leverage KKR's diversified pools of capital to invest across a broad range of real estate opportunities. The portfolio's long-term income characteristics, high-quality occupier base and institutional-grade assets make it a strong addition to Mirastar's growing European logistics platform.

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. PLP were advised by CBRE.

About Mirastar

Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler. The team currently comprises senior real estate professionals based in London, Paris, Stockholm and Frankfurt. Through Mirastar, KKR currently manages approximately €2.7bn of assets under management, totalling around 900k sqm, across the UK, France, Germany, Sweden, Italy, Spain and the Netherlands, and the team has collectively deployed over €20 billion of capital and built or constructed in excess of 4 million square metres of logistics assets across key European markets.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About PLP

PLP is a specialist logistics development and investment management business. The full service platform develops, manages and owns prime-grade logistics real estate in the United Kingdom on behalf of its institutional capital partners. The platform manages capital on behalf of both its shareholders and third party investors including, but not limited to, La Caisse (formerly CDPQ), Peel Group, Greater Manchester Pension Fund, and Macquarie Asset Management.