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- KKR (NYSE:KKR) acquired Park 8Ninety, a 12-building industrial logistics park in Houston, Texas, from Artis Real Estate Investment Trust (OTC:ARESF) for ~$234M, the investment firm said on Monday.
- The 1.8M-square-foot property adds to KKR’s (KKR) portfolio of industrial logistics investments, a sector it has built up as consumers buy more goods online. The company has committed or acquired ~$7.5B of logistics assets in the industrial sector since 2018 and currently owns more than 48M square feed of industrial real estate in major U.S. metropolitan areas.
- The Park 8Ninety investment was made through the KKR Real Estate Partners Americas III fund and capital accounts advised by KKR (KKR).
- “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 who oversees U.S. industrial investments in KKR’s real estate group.
- KKR (KKR) stock climbed 1.7% in Monday premarket trading. Artis REIT (OTC:ARESF) trust units rose 0.3%.