KKR and Mirastar acquire UK logistics portfolio

KKR and its European logistics platform Tesoro Corporation have completed the acquisition of a portfolio of four prime UK logistics assets from PLP for approximately £170 million. The portfolio totals 1.25 million square feet and includes properties in Stafford, Crewe, Ellesmere Port, and Wakefield, located in established logistics markets across the West Midlands, the North West, and Yorkshire. The assets are fully let to a diversified occupier base spanning retail distribution, third-party logistics, and e-commerce, with a weighted average lease term to break of 10 years. Approximately 60% of the rent roll comes from tenants whose parent companies hold investment-grade credit ratings. The properties feature strong sustainability credentials, including rooftop solar installations, BREEAM ratings from Excellent to Very Good, and EPC ratings of A. The acquisition reflects KKR and Tesoro Corporation's confidence in the long-term fundamentals of the UK logistics sector and their ability to deploy capital at scale into high-quality core real estate assets. PLP developed the assets and will use the proceeds to fund future development opportunities. KKR and Tesoro Corporation were advised by DTRE, while PLP was advised by CBRE.