Home » KKR sells industrial properties worth over $560 million

KKR sells industrial properties worth over $560 million

by WorldFinance
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KKR sells industrial properties worth over $560 million
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) – U.S. private-equity firm KKR said on Monday it has completed the sale of an industrial property portfolio of 5 million square feet (465,000 square meters) for a total aggregate value of over $560 million.

The sales, primarily comprising assets in KKR’s Real Estate Partners Americas II fund, include more than 50 industrial buildings spread across Atlanta, Dallas-Fort Worth, Chicago, the Lehigh Valley and Central Pennsylvania, the company said, without disclosing details of the buyer.

Since the pandemic sparked a shift away from traditional brick-and-mortar stores and towards online shopping, retailers continue to have a high demand for industrial buildings like warehouses and logistic facilities.

“These sales demonstrate the attractive bid that exists for a quality assets in supply-constrained locations,” said Roger Morales, partner and head of real estate acquisitions in the Americas at KKR.

The company sold a 14.5 million square feet industry portfolio in 2021 for about $2.2 billion to Oxford Properties Group, a real estate investor based in Canada.

Including the recent sale, KKR has sold about 21 million square feet industrial real estate since 2021.

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