PLP Completes Sale of Four Prime UK Logistics Assets to KKR and Mirastar

KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have acquired  a portfolio of four prime UK logistics assets from PLP for approximately £170 million, totalling 1.25 million square feet.

The portfolio comprises assets in Stafford, Crewe, Ellesmere Port and Wakefield, all located within established logistics markets across the West Midlands, the North West and Yorkshire. The assets provide best-in-class specifications combined with secure, long-term income, with a weighted average lease term to break of 10 years.

PLP developed the institutional-grade assets which are fully let to a diversified occupier base, with income split across retail distribution, third-party logistics and e-commerce. Around 60% of the rent roll is derived from tenants whose parent companies hold investment grade credit ratings.

The portfolio also benefits from strong sustainability credentials, including rooftop solar photovoltaic installations across all four assets, BREEAM ratings ranging from Excellent to Very Good and EPC ratings of A, reflecting PLP’s standard specification for modern, institutional-grade logistics assets, where sustainability features are embedded from the outset.

The transaction reflects KKR and Mirastar’s ability to leverage KKR’s diversified pools of capital to invest across a broad range of real estate opportunities. The portfolio’s long-term income characteristics, high-quality occupier base and institutional-grade assets make it a strong addition to Mirastar’s growing European logistics platform.

Ekaterina Avdonina, CEO and Co-Founder at Mirastar, said: “This acquisition reflects our continued conviction in the long-term fundamentals of the UK logistics sector. The portfolio’s high-quality assets, strong occupier base and resilient income profile provide an excellent foundation for value creation, and we look forward to leveraging Mirastar’s operating expertise to support the assets’ continued growth and performance.”

Seb d’Avanzo, Co-Head of European Real Estate Equity at KKR, added: “This transaction demonstrates our ability to deploy capital at scale into high-quality core real estate assets and reflects our conviction in the long-term outlook for the logistics sector. We continue to see attractive opportunities to invest in assets that benefit from long-term structural trends and generate durable cash flows for investors.”

Neil Dickinson, Chief Investment Officer at PLP, said: “We’re delighted to complete the sale of this portfolio, which demonstrates our ability to identify opportunities, execute our business plan and create meaningful value for our investors. The transaction reflects the quality of the assets, the hard work of our team and continued demand for well-positioned real estate. We remain excited by the opportunities we see in the market and look forward to deploying capital to develop the next generation of investments.

KKR and Mirastar were advised by DTRE. PLP were advised by CBRE.