KKR’s Americas value-add and opportunistic real estate fund has added a $32m (€27m) industrial asset to its portfolio.

The manager’s Real Estate Partners Americas Fund II (REPA II) fund has bought a fully-leased industrial distribution property in Phoenix’s Southwest Valley from Cohen Asset Management.

Roger Morales, KKR partner and head of commercial real estate acquisitions in the Americas, said: “This is an important acquisition for us as we continue to develop and diversify our industrial footprint.

“The Phoenix market fundamentals remain highly attractive and we believe the continued acceleration of e-Commerce penetration will drive demand for state of the art distribution centres like this one.”

The $2bn REPA II fund, which closed in January last year, targets value-add and opportunistic real estate investments primarily in the US.

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