Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has acquired four logistics assets in Harlow (UK) from alternative asset company TPG and commercial developer Stoford for £160 mln (€192 mln).
Acquired by TPG Real Estate and Stoford in 2018, the Harlow Icon Park in Essex was completed in the last two years.
The Grade A freehold property is leased to low-risk covenants and features strong ESG credentials and a “Very Good” BREEAM rating, according to the firm.
Located within the London-Standsted-Cambridge corridor and the M1 and M25 motorways, the warehouse/logistics portfolio can be used both for national and last mile distribution within Greater London.
Diederik Schol, principal in KKR’s European Real Estate said: ‘The portfolio we have acquired contains well-located, high-quality assets with strong ESG credentials and serves a structurally growing sector where there is an ongoing supply demand imbalance.’
Michiel Celis, business unit partner with TPG Real Estate, commented: ‘The buildings all have strong ESG credentials and are fully let on long leases to a roster of high-quality tenants, including Amazon and Wincanton.’
Angus Huntley, director at Stoford, added: ‘We and our partners at TPG have significantly invested in repositioning the site since our acquisition in 2018, by demolishing the existing buildings and developing three speculative new units and one pre-let.’
This is KKR’s second transaction from its pan-European Core+ Real Estate strategy that targets high quality and stabilised assets with long-term value growth potential.
In January, it invested €70.5 mln in four freehold logistics assets totaling 45,000 m2 in the Netherlands.
TPG is selling the Harlow Icon Park assets out of the TPG Real Estate equity investment platform.
KKR’s Real Estate team was advised by Osborne Clarke, Savills, Nova Ambiente, Gerald Eve, Simpson Thacher & Bartlett, Arcadis, Deloitte and Gibson Dunn, while TPG Real Estate was advised by Gateley, Deloitte, DTRE and M1.
