KKR has invested $250m (€234m) on behalf of its Americas opportunistic equity real estate fund to buy two newly-built industrial assets in the US.
The global investment firm’s KKR Real Estate Partners Americas III has acquired an industrial park in Phoenix, Arizona and an industrial warehouse in Atlanta, Georgia in separate deals.
The Arizona property, located in Phoenix’s Southwest Valley industrial submarket, consists of three buildings totalling approximately 1.3m sqft. The 700,000sqft warehouse in Georgia is located in Palmetto.
Ben Brudney, a real estate director in charge of US industrial investments at KKR, said: “We are pleased to further expand our industrial footprint in these markets, which continue to benefit from attractive growth fundamentals including positive demographic trends and on-shoring manufacturing trends.
“We are seeing resilient demand for high-quality, well-located industrial product and we believe despite near-term supply headwinds, industrial supply-demand fundamentals will remain attractive in the medium to long term.”
Across its funds in the US, KKR has committed or acquired approximately $7.5bn of logistics assets in the industrial sector since 2018 and currently owns over 48m sqft of industrial real estate.
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