KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have acquired a UK logistics portfolio of five assets from PLP.
The 890,364sqft portfolio is 80% let, with a weighted average lease term to break of 10 years.
The assets are located in North West England and Yorkshire across Salford, Liverpool, Crewe, Sheffield and Smithywood. The purchasers said the assets are in close proximity to major population centres and all “excellently located” near key transport infrastructure and motorways.
Over the last eight years, the assets were developed, owned and managed by PLP and its flagship investment vehicle, the PLP UK Logistics Venture 1, which is owned by majority investor Ivanhoé Cambridge alongside The Peel Group, Macquarie Asset Management and PLP senior management.
Ekaterina Avdonina, CEO and co-founder at Mirastar, said: “This impressive portfolio follows our careful approach to asset selection across Europe as we look to aggregate well-specified assets in key logistics locations.
“The North-West and North of England have performed strongly in the recent years, and we expect this trend to continue as we enter an exciting stage of the UK real estate market cycle.”
The acquisition builds on KKR-Mirastar’s series of strategic moves in European logistics across both core-plus and value-add strategies since 2023.
Seb D’Avanzo, MD and head of acquisitions for real estate in Europe at KKR, said: “We are delighted to expand our portfolio with this strategic acquisition, reinforcing our commitment to investing in prime logistics assets across key European markets.
“This addition in the UK aligns with our focus on high-quality, well-located properties that meet the evolving demands of the market. As we continue to scale our presence across Europe, we are dedicated to unlocking value through assets that combine strong fundamentals with sustainability and growth potential.”
Neil Dickinson, CIO at PLP, said: “PLP are pleased to announce the sale of five assets from its leading UK logistics portfolio to crystallise attractive risk-adjusted returns for our capital partners.
“PLP continues to leverage third party institutional capital across its flagship managed venture series and a number of separate managed accounts to acquire and develop the next generation of prime logistics assets across major UK markets.”
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