KKR Expands Industrial Logistics Portfolio with $234 Million Acquisition in Houston (NYSE:KKR)

KKR (New York Stock Exchange: KKR) has acquired Park 8Ninety, a 12-building industrial logistics park in Houston, Texas, from Artis Real Estate Investment Trust (OTC: ARESF) for approximately $234 million, the investment firm announced Monday.
The 1.8 million square foot property adds to KKR’s (KKR) industrial logistics portfolio investments, a sector it has grown as consumers buy more goods online. The company has committed to or acquired approximately $7.5 billion of industrial logistics assets since 2018 and currently owns more than 48 million square feet of industrial real estate in major metropolitan areas across the United States.
The investment in Park 8Ninety was made through the KKR Real Estate Partners Americas III fund and KKR Capital Advised Accounts (KKR).
“Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the U.S.,” said Ben Brudney, a managing director who oversees U.S. industrial investments in KKR’s real estate group.
KKR Stock (KKR) climbed 1.7% in pre-market trading on Monday. Artis REIT Trust Units (OTC:ARESF) increased by 0.3%.

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