CORE INSURANCE

KKR Expands Industrial Real Estate Footprint in Atlanta with Acquisition by KREST

KKR | September 18, 2021

KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) has acquired a 1.1 million square-foot, Class A industrial warehouse at Southern Gateway at Lambert Farms in Atlanta (McDonough), Georgia from PNK Group, an international real estate developer implementing full-cycle industrial projects.

Completed in 2020, the warehouse is centrally located in Atlanta’s logistics corridor with convenient access to the airport, the Port of Savannah and downtown and midtown Atlanta. The state-of-the-art structure features 40-foot clear height and two 190-foot truck courts. The property is 100% triple net leased to two high-quality tenants, a leading publicly traded direct-to-consumer mattress company and a logistics and supply chain company, with a weighted average lease term of approximately 10 years.

Today’s acquisition represents another important milestone for KKR as we continue to develop and diversify our industrial footprint and KREST portfolio. We continue to view Atlanta as a long-term winner demographically with highly attractive market fundamentals and believe accelerating e-commerce growth will drive demand for strategically located, high-quality distribution centers.

- Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments.

The investment is part of KREST’s stabilized real estate investment strategy, one of the fund’s three primary investment strategies, which focuses on thematically-driven, income-generating industrial and multi-family, well-leased opportunities. The property is the fourth industrial asset in KREST’s portfolio which holds over 2.5 million square feet of logistics real estate in attractive, high-growth markets including Portland, Oregon, Memphis, Tennessee, Raleigh, North Carolina and now Atlanta, Georgia.

Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $32 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across twelve offices and nine countries.

JLL brokered the sale on behalf of PNK Group.

About KREST
KKR Real Estate Select Trust Inc. ("KREST") is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR's global real estate team and the resources available through the KKR platform. 

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. 

About PNK Group
PNK Group is an international real estate developer implementing full-cycle industrial projects. The group of companies was founded in 2004. PNK Group has 37 logistics and industrial parks, including three industrial in the United States located in Atlanta, GA, Savannah, GA and Hazleton, PA. Outside of the US, the company operates four in-house plants producing major load-bearing structural components of buildings. The company employs German cutting-edge technology of modular construction to assemble large prefabricated components and units. PNK Group builds industrial facilities conforming to international FM Global standards.

Spotlight

Firmly in the grip of a digital revolution, insurance companies are looking for new ways to sustainably grow their top and bottom lines and retain customer loyalty. Online insurers, aggregators and auction sites have reduced premiums for customers. The rapid maturing of mobility based technology is making it easier for customers to engage with insurers. Opinions posted on social media channels provide valuable market intelligence and competitive insights. As the balance of power shifts in favour of consumers, insurance companies need to look at new ways to remai viable in this digital world.

Spotlight

Firmly in the grip of a digital revolution, insurance companies are looking for new ways to sustainably grow their top and bottom lines and retain customer loyalty. Online insurers, aggregators and auction sites have reduced premiums for customers. The rapid maturing of mobility based technology is making it easier for customers to engage with insurers. Opinions posted on social media channels provide valuable market intelligence and competitive insights. As the balance of power shifts in favour of consumers, insurance companies need to look at new ways to remai viable in this digital world.

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