KKR is selling an eight-building office campus in the US in a deal valued at over $300m (€352m).
The global investment firm said it has agreed to sell Riata Corporate Park to a global institutional investor in Northwest Austin, Texas.
Riata Corporate Park is a fully-let 688,100sqft office campus located in the Austin Technology Corridor.
KKR said since purchasing Riata in December 2019 through its Americas opportunistic real estate strategy together with Endeavor Real Estate, KKR has upgraded the property’s fitness centre, café, landscaping, outdoor amenities and other features. KKR and Endeavour also completed significant deferred maintenance.
Roger Morales, KKR partner and head of real estate acquisitions, said: “Our long-term focus on high-quality properties in great locations within attractive growth markets led us to invest in Riata, a tech-focused office campus in one of the country’s most desirable cities.
“We are proud of the property and capital improvements delivered under our ownership in what has been a very successful pre-pandemic office investment.”
Riata, one of three 50-acre office parks in the Northwest next to The Domain, is well-positioned to continue benefitting from the net migration to Sunbelt cities as companies seek to deliver great live-work environments for employees, Morales said.
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