The sites are fully let with income split across retail distribution, third-party logistics and e-commerce.
Around 60% of the rent roll is derived from tenants whose parent companies hold investment grade credit ratings, KKR added.
All four sites come with rooftop solar photovoltaic installations and BREEAM sustainability ratings ranging from Excellent to Very Good and EPC ratings of A.
Announcing the purchase, KKR said: “The transaction reflects KKR and Mirastar’s ability to leverage KKR’s diversified pools of capital to invest across a broad range of real estate opportunities.
“The portfolio’s long-term income characteristics, high-quality occupier base and institutional-grade assets make it a strong addition to Mirastar’s growing European logistics platform.
Ekaterina Avdonina, Mirastar co-founder and chief executive, added: “This acquisition reflects our continued conviction in the long-term fundamentals of the UK logistics sector.
“The portfolio’s high-quality assets, strong occupier base and resilient income profile provide an excellent foundation for value creation, and we look forward to leveraging Mirastar’s operating expertise to support the assets’ continued growth and performance.”
Seb d’Avanzo, KKR co-head of European real estate equity, commented: “This transaction demonstrates our ability to deploy capital at scale into high-quality core real estate assets and reflects our conviction in the long-term outlook for the logistics sector.
“We continue to see attractive opportunities to invest in assets that benefit from long-term structural trends and generate durable cash flows for investors.”
Neil Dickinson, PLP chief investment officer, said: “We’re delighted to complete the sale of this portfolio, which demonstrates our ability to identify opportunities, execute our business plan and create meaningful value for our investors.
“The transaction reflects the quality of the assets, the hard work of our team and continued demand for well-positioned real estate. We remain excited by the opportunities we see in the market and look forward to deploying capital to develop the next generation of investments.”
This is KKR’s latest foray into the UK logistics market. In January last year the investment firm acquired Dawsongroup, with the aim of “significantly” accelerating the decarbonisation of the vehicle leasing firm’s fleet, as part of its wider net-zero ambitions.
