Worldwide investment firm KKR announced Nov. 8 the company's Real Estate Select Trust (KREST) obtained three new warehouses in North America and Asia.
According to a press release, KRR bought two warehouses located at the Rickenbacker Logistics Park in Columbus, Ohio, and the Mercedes-Benz Parts Distribution Center in Anseong, South Korea. The "strategically-located" Ohio warehouses were the result of a joint partnership between CT Realty and Walton Street Capital. While the Mercedes-Benz facility in South Korea has been the luxury car manufacturer's only distribution center in the country for about seven years.
"We are pleased to purchase this high-quality property for KREST as we continue to expand our portfolio of strategically located, mission-critical industrial assets," David Cheong, managing director at KKR, said in the release. "We look forward to closely collaborating with our local partners to continue to be a solutions provider to our tenant, Merceds-Benz."
The three additions span a collective 1.4 million square feet, the release stated. The industrial space brings the company's property portfolio to more than 4 million square feet.
The purchases, "Are great examples of how KREST is positioned to benefit from the deep expertise and sourcing capabilities from across the global KKR real estate platform," Billy Butcher, KREST CEO, said.
Over the past decade, KKR has acquired real estate worth approximately $36 billion dollars across North America, Europe and Asia. The company's real estate team has 12 offices in nine countries.