KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have entered into a forward funding agreement to speculatively develop a prime logistics building (known as XDock) in Widnes, North West UK.
This off-market acquisition marks the fourth development deal for KKR and Mirastar with Marshall CDP, a developer specialising in the logistics, industrial and commercial sectors. The development will be financed by a loan made by CBRE Lending on behalf of Greater Manchester Property Venture Fund and Merseyside Pension Fund.
The 550,000 ft2 (51,100 m2) XDock building will be developed to a best in class specification, targeting a BREEAM Excellent certification, EPC A rating and will benefit from double sided loading. Situated in the Liverpool Freeport Zone, XDock benefits from both Freeport Customs and Tax Status, which could provide significant cost savings to qualifying occupiers.
Kris Britland, development director for Northern Europe at Mirastar, said: 'This transaction marks the fourth deal with Marshall CDP, demonstrating the strong relationship that Mirastar and KKR have built with the developer. We look forward to building this Grade-A scheme with Marshall CDP and delivering another high-quality development to the market.'
The development has been acquired through a forward-funding structure by KKR Real Estate Partners Europe II, a $2.2 bn fund dedicated to value add and opportunistic real estate investments in Western Europe.
KKR and Mirastar were advised by Carrick RE and Cushman & Wakefield (commercial); BCLP (legal – real estate, construction, planning and finance); Maples (Jersey legal); Savills (technical due diligence); Nova Ambiente (environmental due diligence); Arcadis (ESG due diligence); Syzygy (Solar advisory); and Deloitte for (tax).
