Transaction is KKR’s second in the Nordics this year via its Core+ Real Estate strategy
Stockholm, 5 July 2023 – KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have acquired a high-quality last-mile logistics property in Stockholm. This off-market acquisition is the first in Sweden for KKR and Mirastar, and the second in the Nordics this year for KKR through its European Core+ Real Estate strategy, following the acquisition of a residential portfolio in Finland in May.
The c.12,500 sqm new build has been developed to modern functional specifications with strong ESG credentials, and will be acquired with a partial pre-let to Adelphos Healthcare AB, a developer and marketer of healthcare products. The building is situated in Botkyrka, a prime location in southwest Stockholm, benefiting from close access to the E4 and E20 highways with an approximately 30-minute drive to the city centre. The significant transport links make this a strong base for businesses supplying Stockholm, while also connecting Sweden’s capital city to the south of the country.
Anthony Butler, CIO and Co-Founder at Mirastar, said: “To buy a new build of this quality in such a sought-after and supply-constrained location is a rarity in Stockholm. We are delighted to be entering Sweden with an acquisition that aligns so closely with our regional strategy, and we look forward to building out our presence across the Nordic region.”
Alexander Thams, Director and Head of Nordics Real Estate at KKR, added: “Last mile logistics is a key sub-sector in KKR’s European real estate strategy. The rapid expansion of e-commerce continues to drive occupier demand, further enhanced by the re-shoring of supply chains becoming a higher priority for businesses. We will look to rapidly grow our industrial and logistics portfolio in the Nordics alongside Mirastar over the coming years, in line with our Europe-wide focus on this sector.”
Ian Williamson, Managing Director and Head of Core+ Real Estate in Europe at KKR, commented: “This acquisition in Sweden is a great fit for our pan-European Core+ platform in Europe, which focuses on investing in high quality, substantially stabilised assets with medium to long-term value growth potential. Logistics is a key theme within this strategy, as is investing in western and northern Europe including the Nordics where we are seeing sustained demand from operators for well-located grade-A logistics space.”
KKR has an established track record in the Nordic region, having invested over €6bn in equity since 2007 and strengthening its presence and growth ambitions in the region with the opening of a new office in Stockholm in June 2021. Recent investments in the region include Söderberg & Partners, Sector Alarm, Wolt, Nordic Bioscience, Caruna, Avida and a residential real estate joint venture in Denmark.
KKR and Mirastar were advised by JLL, CBRE, Roschier, Tjuren and Svalner.
About Mirastar
Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler, Chief Investment Officer. The team currently comprises 35 senior real estate professionals and has offices in London, Madrid, Milan, Amsterdam and Stockholm. The team at Mirastar have collectively deployed over €16bn of capital across key European markets, built and constructed in excess of 3.0m sqm of logistics assets. (https://mirastar.eu/)
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 and on Twitter @KKR_Co.
Media Contacts
Stockholm
Fogel & Partners
Ludvig Gauffin
KKR@fogelpartners.se
Tel: +46 (0) 70 222 60 30
London
FGS Global
Alastair Elwen / Sophia Johnston
Tel: +44 (0) 20 7251 3801
