KKR, a leading global investment firm, today announced the acquisition of a 600,000 square foot industrial distribution property in Hamburg, Pennsylvania. The property is the first acquisition by KKR’s real estate business in the Lehigh Valley market.
The asset is a state of the art fulfillment center completed in 2020, which is located just minutes from Allentown and offers excellent connectivity to New York and the broader Tri-State area within a two hour drive. The property was 100% leased at acquisition to high quality tenant on a long-term basis. KKR acquired the asset from the developer, the Keith Corporation.
“We are excited to expand our broader industrial footprint with our first acquisition in the Lehigh Valley market,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.
KKR is making the investment through its core plus real estate strategy. Across its funds, KKR now owns over 31 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.
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.