KKR and Mirastar, KKR Real Estate’s European industrial and logistics platform, have completed the acquisition of a four-asset UK logistics portfolio from PLP for approximately £170 million, or about US$228.5 million. The portfolio aggregates roughly 1.25 million square feet of logistics space across assets in Stafford, Crewe, Ellesmere Port and Wakefield.
The properties are described as prime logistics facilities positioned in established distribution corridors within the West Midlands, the North West and Yorkshire. According to the buyers, the portfolio benefits from a weighted average lease term of 10 years, providing visibility on income duration across the assets.
PLP originally developed the institutional-grade logistics buildings and has fully leased them to a diversified occupier base. The tenant mix spans retail distribution, third-party logistics providers and e-commerce users, with no further breakdown of individual occupiers disclosed in the announcement. The assets are characterized as income-producing and fully stabilized at the time of sale.
Income quality is supported by the credit profile of the tenant roster. Around 60% of the rent roll is attributed to occupiers whose parent companies carry investment grade credit ratings, according to information provided by the buyers. This credit quality, combined with the portfolio’s long lease term and geographic spread, is positioned as a key component of the investment thesis.
Commenting on the transaction, Mirastar CEO and co-founder Ekaterina Avdonina said the acquisition aligns with the platform’s view on the long-term fundamentals of the UK logistics sector. She highlighted the quality of the assets, the strength and diversification of the occupier base and the resilience of the income profile as attributes that support future value creation. Avdonina also noted that Mirastar plans to apply its operating expertise to support ongoing growth and performance at the properties, though no specific asset management initiatives were detailed.
The transaction further expands KKR and Mirastar’s logistics footprint in the UK market, adding a fully leased, multi-tenant portfolio across several established regional hubs. No additional financial terms, such as yield, cap rate, or financing structure, were disclosed as part of the announcement.
