KKR has acquired a 226,000sqft industrial distribution property in Arizona on behalf of its latest opportunistic Americas real estate fund.

The global investment firm has invested an undisclosed amount on behalf of the KKR Real Estate Partners Americas (REPA) III fund to buy the Papago industrial park in Phoenix.

The Papago distribution centre was built in 2000 and is recently renovated and leased, KKR said.

KKR said the latest acquisition lifts its industrial real estate portfolio in Phoenix to approximately two million square feet.

Ben Brudney, a director in the real estate group at KKR, said: “Phoenix continues to be a high conviction market for our real estate business and we are pleased to grow our presence in the market with the purchase of this well-located and modern industrial distribution property.”

Earlier this week, KKR announced it had raised $4.3bn (€3.7bn) for REPA III. Across its funds, KKR owns approximately 34m sqft of industrial property in the US.

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