KKR’s European industrial and logistics property platform has acquired a 737,000sqft asset in the UK.
KKR’s Miraster has bought Mountpark’s Warrington Omega II asset in Warrington for an unspecified amount.
The park was acquired through KKR’s European core-plus real estate strategy, which focuses on investing in high-quality, substantially stabilised assets with medium-term value growth potential.
The property is strategically located at the gateway to Omega, ”widely considered as the premier logistics address in the North West”, and has access to Omega’s new 35-acre ‘green heart’ woodland park, Mirastar said.
Ekaterina Avdonina, CEO and co-founder of Mirastar, said: “This asset adds to the impressive portfolio of best-in-class assets acquired to date. The North West market has been one of the best performers in the UK over the past few years and we believe it will continue to do so for best-in-class logistics and distribution assets.”
Ian Williamson, managing director and head of KKR’s core-plus real estate business in Europe, said: “We are pleased to complete this acquisition, which forms part of our strategy to acquire state-of-the-art assets in Europe’s most strategic distribution locations.
”We will continue to provide capital solutions to unlock value in an environment where capital availability is disconnected from attractive fundamentals.”
Tom Kilmister, senior development director at Mountpark’s UK and Ireland business said: “We are delighted to conclude this transaction with the teams at KKR and Mirastar and would like to wish them all the best in realising their strategy.
”Mountpark Warrington Omega II has been a successful long-term project for our team. The calibre and efficiencies of these properties were swiftly recognised by the market with all units successfully let before practical completion. Mountpark looks forward to announcing new development projects over the coming year.”
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