NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has completed the acquisition of Park 8Ninety, a 12 building industrial logistics park in Houston, Texas, from Artis Real Estate Investment Trust (“Artis REIT”) for approximately $234 million.
The approximately 1.8 million square-foot (SF) master planned park was completed in phases between 2017 and 2022. The 127-acre property boasts a diverse mix of Class A single-tenant and multi-tenant modern logistics buildings, with clear heights ranging from 24 to 36 feet, catering to a variety of industrial uses. The park is strategically located in southwest Houston with direct access to Beltway 8 and other major interstate transportation routes.
“Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” said Ben Brudney, a Managing Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and staggered rent roll.”
KKR is acquiring the park through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR. Across its strategies in the U.S., KKR has committed or acquired approximately $7.5 billion of logistics assets in the industrial sector since 2018 and currently owns over 48 million SF of industrial real estate in major U.S. metropolitan areas.
KKR’s global real estate business invests in high-quality, thematic real estate through a full range of scaled equity and debt strategies. Managing $71 billion in assets as of March 31, 2024, KKR’s more than 150 dedicated real estate investment and asset management professionals across 16 offices apply the capabilities and knowledge of KKR’s global platform to deliver outcomes for clients and investors.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in 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 retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
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Miles Radcliffe-Trenner
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Source: KKR
