Global real estate investment company Kennedy Wilson has bought a $287m (€337.1m) UK urban logistics portfolio from property group Leftfield.
NYSE-listed Kennedy Wilson said it has acquired the fully-let diversified portfolio of 20 logistics assets totalling 1.3m sqft.
Kennedy Wilson has a 20% ownership in the portfolio and invested $24m of equity in the transaction.
The properties are situated in urban logistics locations across the UK, including London and the South East, Yorkshire and the Midlands.
So far this year, Kennedy Wilson has acquired more than 41 industrial assets across the UK, Ireland, and Spain totalling $645m, including $167m of deals under contract.
Mike Pegler, the head of UK for Kennedy Wilson, said: “This acquisition provides access to a diversified portfolio of strategically located urban logistics assets.
“The team has outperformed in its ability to grow the European industrial platform, and we remain confident about the future growth trajectory, which is underpinned by strong fundamentals.”
Nico Fourie, CEO of Leftfield Advisors, said: “Leftfield has met its objective of accumulating and optimising this portfolio, the sale of which leaves it well-positioned for considerable value-unlock over time.”
To read the latest edition of the latest IPE Real Assets magazine click here.
