KKR and Mirastar, KKR Real Estate’s European industrial and logistics platform, wrapped up the off-market acquisition of PLP’s core UK logistics portfolio, which spans five assets and totals 890,364 square feet.
The portfolio is currently 80% leased, with a weighted average lease period to break of 10 years. The assets have competitive criteria, such as BREEAM Very Good certificates and EPC A+ ratings.
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The five assets are positioned carefully in Yorkshire and the North-West of England. The properties, which are distributed throughout Salford, Liverpool, Crewe, Sheffield, and Smithywood, are all ideally situated adjacent to important transportation hubs and highways.
Throughout the previous eight years, PLP and its premier investment vehicle, PLP UK Logistics Venture 1, which is jointly held by majority shareholder Ivanhoé Cambridge, The Peel Group, Macquarie Asset Management, and PLP senior management, have created, owned, and managed the assets.
The acquisition expands upon the strategic manoeuvres that KKR-Mirastar has made since 2023 in the European logistics space, encompassing both Core+ and value-add tactics.
These include the funding of a 550k sq. ft big box logistics development in Widnes, UK; the acquisition of a prime logistics park in Warrington, UK; the purchase of a high-quality logistics property in Hanover, Germany, which marks their first industrial acquisition in Germany under KKR’s Core+ Real Estate strategy; and the acquisition of a last-mile logistics asset in Stockholm, Sweden, which marks their first acquisition in the Nordics.
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By GlobalDataDTRE provided advice to both KKR and Mirastar, while CBRE served as PLP’s adviser.
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.”
Seb D’Avanzo, managing director and head of acquisitions for Real Estate in Europe at KKR, added: “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, chief investment officer at PLP, shared: “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. The sale of this portfolio to a high-quality counterparty such as KKR and Mirastar, demonstrates the continued institutional investor demand for our market-leading product.”
