Home > News > featured news > KKR Expands Industrial Real Estate Footprint in Atlanta with Acquisition by KREST

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

DMS For Insurance Industry

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

More featured news

Spotlight

DMS For Insurance Industry

Related News

CLAIMS, LIFE INSURANCE

Constellation Partners with SS&C to Bolster Mortgage Operations

Constellation Insurance | March 10, 2023

On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages. Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform. Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology." Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented." (Source – Cision PR Newswire) Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division. Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies." "This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded. (Source – Cision PR Newswire) SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending. About Constellation Insurance Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.

CORE INSURANCE, INSURANCE TECHNOLOGY

Forbes Advisor Recognizes IMG’s Travel Insurance for Second Time

IMG | March 01, 2023

On February 28, 2023, International Medical Group (IMG), an insurance services provider, was awarded Forbes Advisor's Best of 2023 Awards in the category of travel insurance companies. Forbes Advisor has recognized it for the second year in a row. IMG's iTravelInsured Travel LX plan has particularly attracted the attention of Forbes Advisor. It is an excellent travel insurance solution for dog owners and a popular insurance plan of IMG. It provides insurance coverage for additional kennel fees, which a pet needs on a trip delay for an extended stay at a commercial kennel. In addition, it offers trip cancellation and interruption benefits and is applicable only when the service animal or pet suffers an injury, sickness or death during the trip. Forbes Advisor is a trusted insights provider for finance and businesses through news, reviews and advice, assisting consumers with smart decisions and perfect products for their choice without effort. Forbes Advisor's awards recognize the company after in-depth analysis for being an impartial consumer champion. Its experienced reporters and editors have a keen eye on product features and consumer experience in the industry. With years of dedication, people expect authentic financial news and guidance from it. The recognition from Forbes Advisor represents that the brand has strong support and establishment in the business and consumer finance community. IMG's Director of International Sales – Travel, Grant Hayes said, "IMG is honored to be recognized once again as one of the best travel insurance companies in the market." He added, "Our iTravelInsured Travel Series is a market-leading line of travel protection plans designed to meet the varying needs of travelers while they're away from home." (Source – Cision PR Newswire) IMG's Chief Commercial Officer, Scott Ackerman said, "At IMG, we understand that pets are like family. Our pet-related benefits set us apart from the competition and are valued greatly by our customers." He added, "Being recognized as a travel insurance company that is great for dog owners is truly a testament to the many unique benefits we offer our customers through our travel protection plans." (Source – Cision PR Newswire) About IMG Headquartered in Indianapolis, Indiana, IMG, an insurance company, offers solutions for expatriates, international students, missions organizations, marine crews, corporate group insurance, cost containment, stop loss insurance, medical management, assistance services, medical evacuation, travel insurance, and international medical insurance. It has provided insurance benefits and assistance services worldwide since 1990. Its well-known services are travel and health safety solutions, with insurance programs like international private medical insurance, trip medical insurance, and services like enterprise and insurance administrative services, 24/7 emergency medical, security, and travel assistance.

CORE INSURANCE, RISK MANAGEMENT

Insurify to Acquire Compare.com, Bolstering Consumer Insurance Options

Insurify | March 13, 2023

Insurify, Inc., a leading online insurance agency in the United States that specializes in facilitating insurance comparisons, purchases, and management, has recently announced its plans to acquire Inspop USA, LLC as well as Compare.com Insurance Agency, LLC (Compare.com), a reputed player in the US online auto insurance comparison market. The acquisition is anticipated to be finalized within the first half of 2023. This collaboration will enable Insurify to leverage the strengths of both brands, platforms, and operations to provide cutting-edge solutions to customers and insurance carriers. It is worth noting that Insurify plans to preserve the Compare.com brand. Compare.com was established by Admiral Group plc (Admiral), a prominent UK-based auto insurance provider and a member of FTSE 100. In connection with the transaction, Admiral will maintain a minority ownership in Insurify and remain a key strategic investor. Moreover, Allie Feakins, CEO of Compare.com, will join Insurify as Senior Vice President of Insurance, where she will spearhead insurance operations for the newly-consolidated company. Costantino Moretti, Head of International Insurance, Admiral Group said, "This is a positive outcome for Compare.com customers and employees who will continue to empower more motorists in the U.S. to shop and save on their insurance needs. This transaction will enable Admiral to continue to focus on what we have consistently done well, creating, underwriting and delivering leading financial service products, while also benefiting from the continued momentum being seen in the US price comparison market." (Source – Business Wire) Besides, this deal has no bearing on Admiral's US-based insurance venture, Elephant, which operates independently as a separate entity. About Insurify Insurify is a prominent virtual insurance agent in the United States, headquartered in Cambridge (Massachusetts). The company provides customers with access to the most accurate estimates for auto and house insurance safely and reliably, along with expert guidance. As a result, Insurify has helped facilitate over $200 billion in insurance coverage and provided over 70 million quotes. Due to its outstanding achievements and contributions, it has been the recipient of several highly regarded awards and recognitions within the insurance industry.