KKR & Co.
announced Tuesday that it had sold a $ 2.2 billion industrial property portfolio to Oxford Properties. The 14.5 million square foot portfolio includes 149 distribution buildings in 12 US markets, including Dallas, Atlanta, Chicago, Houston and San Diego. KKR said it will continue to own more than 20 million square feet of industrial property following the closure of the deal, which is expected to take place “in the coming months”. “Four years ago, we decided to build a large, stable portfolio that would benefit from constant changes in the logistics sector, driven in large part by changes in e-commerce and consumer preferences,” said Roger Morales, KKR’s head of real estate acquisitions. “Today’s deal not only demonstrates how this strategy works for our investors, but also reflects the huge market opportunities that we continue to see in industrial real estate.” KKR shares, which remained virtually unchanged in the premarket, are up 61.5% YTD, while the SPDR Real Estate Select Sector ETF
rose 28.0%, while the S&P 500