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.
The pair said the off-market acquisition marked 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 XDock building will target a BREEAM Excellent certification, EPC A rating and will benefit from double sided loading.
Seb d’Avanzo, MDirector and Head of Real Estate Acquisitions for KKR in Europe, said:'“We are pleased to complete this acquisition, which forms part of our strategy to develop state-of-the-art logistics assets in markets with compelling supply-demand dynamics. We will continue to provide capital solutions and leverage our relationships to unlock value in an environment where capital availability is disconnected from attractive fundamentals.'
The development has been acquired through a forward-funding structure by KKR Real Estate Partners Europe II, a $2.2 bn (€2.03bn) value add and opportunistic real estate fund targeting investments in Western Europe.
KKR and Mirastar were advised by Carrick RE and Cushman & Wakefield, BCLP, Maples, Savills Nova Ambiente, Arcadis, Syzygy, and Deloitte.
