KKR and Mirastar Acquire Four-Asset UK Logistics Portfolio from PLP for £170 Million
KKR and Mirastar, KKR Real Estate's industrial and logistics platform in Europe, have completed the acquisition of a four-asset UK logistics portfolio from PLP for approximately £170 million, the companies announced Aug. 3. The portfolio spans 1.25 million square feet across established distribution markets in the West Midlands, North West and Yorkshire.
Portfolio Overview: Four Fully Let Assets Across Key UK Logistics Corridors
The portfolio comprises logistics assets in Stafford, Crewe, Ellesmere Port and Wakefield — all located within established logistics markets. The properties are fully let to a diversified occupier base spanning retail distribution, third-party logistics and e-commerce, with a weighted average lease term to break of 10 years. Approximately 60% of the rent roll is derived from tenants whose parent companies hold investment-grade credit ratings.
At the headline transaction price, the portfolio implies an average of roughly £136 per square foot across the 1.25 million square feet. No cap rate, net operating income or debt structure was disclosed in connection with the transaction.
PLP developed the assets to institutional-grade specifications. All four properties carry rooftop solar photovoltaic installations, BREEAM ratings ranging from Excellent to Very Good, and EPC ratings of A — credentials that reflect what PLP describes as its standard specification for modern logistics development, where sustainability features are embedded from the outset.
KKR and Mirastar Expand European Logistics Platform
For KKR and Mirastar, the acquisition adds scale to a growing European logistics platform and represents a deployment of capital across what the buyers described as high-quality core real estate. The transaction was structured using KKR's diversified pools of capital.
Ekaterina Avdonina, CEO and Co-Founder at Mirastar, said the deal reflects the firm's conviction in the long-term fundamentals of the UK logistics sector. "The portfolio's high-quality assets, strong occupier base and resilient income profile provide an excellent foundation for value creation, and we look forward to leveraging Mirastar's operating expertise to support the assets' continued growth and performance," Avdonina said.
Seb d'Avanzo, Co-Head of European Real Estate Equity at KKR, said the transaction demonstrates the firm's ability to deploy capital at scale into high-quality core real estate. "We continue to see attractive opportunities to invest in assets that benefit from long-term structural trends and generate durable cash flows for investors," d'Avanzo added.
PLP Monetises Completed Development Business Plan
For PLP, the disposal is consistent with the firm's strategy of developing, leasing up and stabilising institutional-grade logistics assets before recycling capital into the next development cycle. PLP is a specialist UK logistics development and investment management business headquartered at 32 Brook Street, London.
Neil Dickinson, Chief Investment Officer at PLP, said the transaction demonstrates the firm's ability to identify opportunities, execute its business plan and create value for investors. "The transaction reflects the quality of the assets, the hard work of our team and continued demand for well-positioned real estate. We remain excited by the opportunities we see in the market and look forward to deploying capital to develop the next generation of investments," Dickinson said.
Advisory Teams and Market Context
DTRE advised KKR and Mirastar on the acquisition. CBRE advised PLP on the sale.
The transaction reflects continued institutional appetite for core UK logistics assets, particularly those combining long income visibility, creditworthy tenants and strong sustainability credentials. The portfolio's occupier mix — spanning e-commerce, third-party logistics and retail distribution — represents demand drivers that have underpinned UK logistics take-up in recent years. The assets' locations in the West Midlands, North West and Yorkshire place them within proven distribution corridors that attract broad buyer interest from domestic and cross-border capital alike.
The deal also highlights the premium that institutional buyers continue to attach to ESG-ready logistics facilities, particularly those with A-rated EPCs and rooftop solar installations, when paired with long-term lease structures and investment-grade occupier covenants.
Sources
PLP — PLP Completes Sale of Four Prime UK Logistics Assets to KKR and Mirastar (Aug. 3, 2026)