KKR’s European industrial and logistics real estate platform has marked its entry into Sweden with the acquisition of a last-mile logistics property in Stockholm.
The platform created by KKR and Mirastar has invested an undisclosed amount to acquire the newly built 12,500sqm asset in Botkyrka partially pre-let to Adelphos Healthcare, a developer and marketer of healthcare products.
Anthony Butler, CIO and co-founder at Mirastar, said: “To buy a new build of this quality in such a sought-after and supply-constrained location is a rarity in Stockholm. We are delighted to be entering Sweden with an acquisition that aligns so closely with our regional strategy, and we look forward to building out our presence across the Nordic region.”
Alexander Thams, director and head of Nordics real estate at KKR, said: “Last-mile logistics is a key sub-sector in KKR’s European real estate strategy. The rapid expansion of e-commerce continues to drive occupier demand, further enhanced by the re-shoring of supply chains becoming a higher priority for businesses.
“We will look to rapidly grow our industrial and logistics portfolio in the Nordics alongside Mirastar over the coming years, in line with our Europe-wide focus on this sector.”
The Swedish logistics transaction is the second in the Nordics this year for KKR through its European core-plus real estate strategy, following the acquisition of a residential portfolio in Finland in May. KKR already has a presence in the Nordic region, having invested more than €6bn in equity since 2007.
Ian Williamson, managing director and head of core-plus real estate in Europe at KKR, said: “This acquisition in Sweden is a great fit for our pan-European Core+ platform in Europe, which focuses on investing in high-quality, substantially stabilised assets with medium to long-term value growth potential. Logistics is a key theme within this strategy, as is investing in western and northern Europe including the Nordics where we are seeing sustained demand from operators for well-located grade-A logistics space.”
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