International legal practice Osborne Clarke has advised KKR (in joint venture with Mirastar) on their first UK acquisition for KKR’s Core+ strategy for Real Estate. KKR and Mirastar acquired four UK logistics assets in Harlow for £160m from TPG, a leading global alternative asset management firm, and Stoford.
The four newly-built Grade A freehold assets, totaling 370,000 square feet, are located in Harlow, Greater London, and let to low-risk covenants. The assets have strong ESG performance, recognised with BREEAM “Very Good” ratings across all four buildings, and the potential for further targeted capex to improve ESG performance. The UK continues to see sustained rental growth in the logistics sector with ongoing undersupply and strong occupier demand, and the Harlow portfolio is well-situated, capable of being used for national distribution as well as last mile distribution within Greater London.
Alison Riddle, Partner at Osborne Clarke, said: "It was a pleasure to lead a cross service line team from Osborne Clarke to assist KKR and Mirastar on their first UK acquisition for their new Core+ strategy. Logistics remains a competitive asset class and this significant transaction builds on OC's strong practice in this area "
Matt Leggett, Senior Associate at Osborne Clarke, said: "We are delighted to support KKR and Mirastar as they continue to grow the Mirastar platform in the UK and across Europe. Being able to call on the breadth and depth of expertise offered by our cross-sector team allows us to execute transactions like this at pace and with a commercial focus."
A cross-sector team from Osborne Clarke advised on the transaction which was led by Alison Riddle, Partner in the Corporate Real Estate group and Louise Cartwright, the client relationship Partner. Senior Associate Matt Leggett led the real estate team, with Partner Tracey Wright leading on tax, Partner Philip Davies leading on construction and Associate Director Anna Fouracre leading on planning.
Osborne Clarke is a recognised industry leader in real estate providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.