KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have acquired a 737,000 ft2 (68,500 m2) distribution asset in Warrington, North West UK, from Mountpark.
Financial details were not disclosed, but market sources put the price at around £100 mln (€117 mln).
The property is located at the gateway to Omega, a logistics hub in the North West, close to the region’s motorway network with direct access via J8 to the M62.
It encompasses three logistics assets featuring EV charging points, solar panels and electricity battery storage. The asset, known as Mountpark Warrington Omega II, has BREEAM Excellent certification plus EPC A ratings and a strong focus on employee wellbeing. It is let to Amazon and Gousto.
Ekaterina Avdonina, CEO and co-founder at 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.’
The park was acquired through KKR’s European Core+ real estate strategy, which focuses on investing in high quality, substantially stabilised assets with medium-term value growth potential.
Ian Williamson, managing director and head of KKR Core+ Real Estate in Europe, added: ‘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.’
KKR and Mirastar were advised by CBRE (commercial); Clifford Chance (legal); Savills (technical); Nova-Ambiente (environmental); Arcadis and CBRE (ESG); and Deloitte (tax and financial).
Mountpark was advised on the disposal by JLL.
