KKR’s new closed-end investment company, which seeks to invest primarily in commercial real estate in the US, has acquired an industrial asset in South Korea as its first international deal.

The KKR Real Estate Select Trust (KREST) has bought 1.4m sqft of industrial real estate, including the Mercedes-Benz Parts Distribution Center facility in Anseong.

LB Asset Management participated in the investment and will continue to operate the property, KKR said.

KKR said in a separate transaction with a different seller in the US, KREST has also bought two warehouses in the Rickenbacker Logistics Park (RLP warehouses) in Columbus, Ohio.

KREST acquired the US assets from a joint venture between CT Realty and Walton Street Capital.

Financial details of both deals were undisclosed.

KKR said the deals add to KREST’s portfolio of industrial properties, which now includes over 4m sqft of logistics real estate in markets that “we expect to benefit from secular growth trends across the US, and now, South Korea”.

Billy Butcher, CEO of KREST and COO of KKR Global Real Estate, said the Mercedes-Benz Parts Distribution Center and the RPL warehouses lifts the total property value acquired by KREST, since its launch earlier in the year, to over $1.7bn (€1.46bn) across a range of differentiated equity and debt strategies, including the US and international geographic exposures.

“These two investments are great examples of how KREST is positioned to benefit from the deep expertise and sourcing capabilities from across the global KKR real estate platform.”

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