NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced the acquisition of two industrial distribution properties in Texas totaling approximately 1.8 million square feet for an aggregate purchase price of approximately $171 million.

The newly acquired properties are located in the major markets of Dallas and Houston. Both are state of the art fulfillment centers with an average vintage 2019. The properties were 100% leased at acquisition to two different investment grade tenants on a long-term basis. The properties were acquired from Hines, the international real estate firm, which developed the assets.

“As more consumers migrate to shopping online and expect a seamless delivery experience, the demand for modern logistics real estate in major markets continues to grow,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “We are excited to help meet that demand by increasing our footprint in the Dallas and Houston markets with the addition of these two high-quality, stable assets.”

The two properties are the latest industrial assets acquired by KKR’s core plus real estate strategy, growing its total industrial real estate portfolio to approximately 7.2 million square feet. Across its funds, KKR owns over 20 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S.

Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.