NEW YORK – (BUSINESS WIRE) – January 11, 2022–
KKR, a leading global investment firm, announced today that KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has completed the purchase of two state-of-the-art industrial distribution properties. technology, thereby increasing the real value of Fund logistics. real estate portfolio at approximately six million square feet (SF) in the United States and South Korea.
The latest additions to KREST’s portfolio include a newly constructed one million square foot industrial cross-dock warehouse located in Charleston and a three-building 2020 industrial park totaling approximately 923,000 square feet in Chicago.
“High quality logistics properties continue to be a key belief for KREST as part of our strategic focus on investing in thematic and income-driven real estate,” said Roger Morales, KKR Partner and Head of Acquisitions real estate in the Americas. “KKR’s experience, having acquired approximately 50 million square feet of industrial property across the United States over the past few years, allows us to be the first to purchase attractive properties directly from developers.”
“We are delighted to finalize the purchases of these renowned assets in Chicago and Charleston – two key logistics markets where we have significant experience,” said Ben Brudney, real estate group director at KKR who oversees the company’s industrial investments. in the USA. States. “We believe that state-of-the-art distribution centers located close to major population centers and major transport hubs will have significant autonomy and are a perfect match for KREST’s long-term capital. “
The Charleston asset is located in the Charleston Trade Center, a Class A industrial campus in Summerville, South Carolina. The property exhibits state-of-the-art physical features and has direct interstate access to the Port of Charleston, the deepest port on the east coast. Delivered in December 2021, the warehouse is 100% leased on a long-term basis. KREST acquired ownership from the developer, a joint venture between The Keith Corporation and Singerman Real Estate. JLL represented the seller in the transaction.
The Chicago Industrial Park was completed in 2020 and is located in Bolingbrook, Illinois, approximately 30 miles from the Chicago Central Business District and 25 miles from Midway International Airport. The property consists of three Class A buildings: a transporter warehouse, a rear load warehouse and a truck terminal. The property is 100 percent long-term leased to four established tenants. KREST acquired the property from the developer, Crow Holdings Industrial. The seller was represented by CBRE.
KKR Real Estate Select Trust Inc. (“KREST”) is a continuous, registered closed-end fund that invests thematically in high quality, stabilized, income-oriented commercial real estate capital and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide an attractive current income, with a secondary objective of long term capital appreciation. KREST is managed by KKR Registered Advisor LLC, a subsidiary of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For more information about KREST, please visit their website at www.krest.reit.
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE: KKR), please visit the KKR website at www.kkr.com and on Twitter @ KKR — Co.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220111005941/en/
CONTACT: For KKR:
Miles radcliffe trenner
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING AND REAL ESTATE FINANCING CONSTRUCTION AND REAL ESTATE REIT BANKING
Copyright Business Wire 2022.
PUB: 01/11/2022 16:30 / DISC: 01/11/2022 16:32
Copyright Business Wire 2022.