KKR, Mirastar snap up 890,000 sq ft of Northern sheds

PLP has sold two units in Sheffield and others in Salford, Crewe, and Liverpool to the joint venture.

Totalling 890,000 sq ft, the five Northern sheds are 80% let and have a WAULT to break of 10 years.

The largest, a 346,000 sq ft unit in Smithywood, Sheffield, is let to Advanced Supply Chain Group.

The assets were developed, owned, and managed by the PLP UK Logistics Venture 1, which is owned by majority investor Ivanhoé Cambridge alongside The Peel Group, Macquarie Asset Management, and PLP senior management.

Neil Dickinson, chief investment officer at PLP, said the deal demonstrates “continued institutional investor demand” for its schemes.

“PLP continues to leverage third-party institutional capital across its flagship managed venture series and a number of separate managed accounts to acquire and develop the next generation of prime logistics assets across major UK markets.”

KKR-Mirastar’s acquisition of the five-asset portfolio builds on recent Northern deals that saw the JV fund a 550,000 sq ft shed in Widnes and acquire a 737,000 sq ft unit in Warrington earlier this year.

Ekaterina Avdonina, chief executive and co-founder at Mirastar, is anticipating its investment in the Northern market to continue to pay off.

“The North West and North of England have performed strongly in the recent years,” she said.

“We expect this trend to continue as we enter an exciting stage of the UK real estate market cycle.”

Seb D’Avanzo, managing director and head of acquisitions for real estate in Europe at KKR, added: “This addition in the UK aligns with our focus on high-quality, well-located properties that meet the evolving demands of the market.

“As we continue to scale our presence across Europe, we are dedicated to unlocking value through assets that combine strong fundamentals with sustainability and growth potential.”

KKR and Mirastar were advised by DTRE. PLP was advised by CBRE.