A core-plus real estate fund managed by KKR has invested $260m (€231m) to buy two industrial assets in the US.

The two fully-leased industrial distribution properties, totalling 2.5m sqft, represent the core-plus real estate strategy’s first industrial property acquisition. 

KKR said the properties, in Chicago and Charlotte, were acquired through separate transactions with two different sellers.

Roger Morales, KKR partner and head of commercial real estate acquisitions in the Americas, said: “We are excited to increase our footprint in these major distribution markets with the addition of two high quality, stable assets.

“We believe that the current environment will lead to continued acceleration of e-commerce penetration which drives demand for large modern distribution centres like the ones we are acquiring. Logistics real estate represents a growth opportunity as more and more U.S. consumers migrate to shopping online.”

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