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KKR has expanded its self-storage platform with the acquisition of three Class A self-storage properties totaling approximately 2,000 units across Atlanta, Georgia; St. Petersburg, Florida; and Alexandria, Virginia. The aggregate purchase price for these properties was around $70 million. This move marks KKR's entry into the St. Petersburg and Washington D.C. markets and strengthens its presence in Atlanta. With this addition, KKR's self-storage portfolio now exceeds 13,500 units. The firm manages approximately $41 billion in real estate assets globally.
Positive
Acquisition of three high-quality self-storage properties for $70 million, expanding KKR's market presence.
KKR's self-storage portfolio now exceeds 13,500 units, indicating significant growth.
Entry into high-growth markets like St. Petersburg and Washington D.C. enhances strategic positioning.
Negative
None.
Acquisitions Grow KKR’s Self-Storage Platform to Over 13,500 Units Across the U.S.
NEW YORK--(BUSINESS WIRE)--
KKR, a leading global investment firm, today announced that KKR has acquired three Class A self-storage properties in high-growth U.S. markets totaling approximately 2,000 units. The properties were acquired in three separate transactions with different sellers for an aggregate purchase price of approximately $70 million.
The newly acquired properties are located in Atlanta, Georgia, St. Petersburg, Florida and Alexandria, Virginia. Two of the assets were built between 2018 and 2020, while the third was built in 2001. The purchases mark KKR’s first self-storage real estate acquisitions in St. Petersburg and the Washington D.C. metropolitan statistical area (MSA), as well as the latest addition to KKR’s self-storage portfolio serving the Atlanta MSA.
“We are excited to expand our self-storage portfolio with the addition of these three high-quality properties, which deepen our presence in Atlanta and establish new foundations for growth in St. Petersburg and Washington D.C.,” said Ben Brudney, a Director in the Real Estate group at KKR. “We believe the self-storage sector has attractive long-term, through-cycle fundamentals and look forward to growing our footprint further in the space by investing in great properties located in markets with strong demand tailwinds.”
The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III. The transactions follow KKR’s announcement last year of the launch of Alpha Storage Properties (ASP) to acquire and manage a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country. KKR’s self-storage portfolio currently includes properties serving the Austin, Atlanta, Charlotte, Denver, Inland Empire, Nashville, Orlando, Phoenix, St. Petersburg and Washington D.C. markets.
Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $41 billion across the U.S., Europe and Asia as of December 31, 2021. The global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit businesses.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
