KKR and Mirastar Buy 2.7 Million Square Feet of UK Logistics from Ares

The eight-asset portfolio is fully leased with a nine-year weighted average term to break and sixty percent investment-grade tenancy.

By the Family Office Real Estate Daily Desk·Thursday, September 24, 2026·1 min read

Editorial summary of reporting byYahoo Finance / Business Wire Our editorial standards →

The answer · checked against Yahoo Finance / Business Wire

What UK logistics portfolio did KKR and Mirastar acquire from Ares, and what are the key terms?

KKR and Mirastar, KKR Real Estate's European industrial and logistics platform, completed the acquisition of eight UK logistics assets totalling 2.7 million square feet from Ares Real Estate funds. The portfolio is fully occupied with a nine-year weighted average lease term to break, and approximately 60% of the rent roll derives from investment-grade tenants or subsidiaries of investment-grade parent companies.

Key facts

KKR and Mirastar acquired a portfolio of eight UK logistics assets totalling 2.7 million square feet from Ares Real Estate funds, according to a Business Wire press release dated September 22, 2026.
The portfolio is fully occupied with a weighted average lease term to break of nine years across a diversified tenant base, according to the announcement.
Approximately 60% of the rent roll is derived from investment-grade tenants or subsidiaries of investment-grade parent companies, according to the announcement.
The assets are located across the Midlands, South East and North of England, including Corby, Doncaster, Stoke-on-Trent and Milton Keynes, according to the announcement.
The portfolio's BREEAM sustainability ratings range from Very Good to Outstanding, according to the announcement.
Through Mirastar, KKR currently manages approximately €3.5 billion of assets under management totalling around 1.4 million square metres across the UK, France, Germany, Sweden, Italy, Spain and the Netherlands, according to the announcement.

KKR and Mirastar Buy 2.7 Million Square Feet of UK Logistics from Ares — Image: editorial illustration · Story sourced from Yahoo Finance / Business Wire

KKR and Mirastar, KKR Real Estate's industrial and logistics platform in Europe, have acquired a portfolio of eight UK logistics assets totalling 2.7 million square feet from Ares Real Estate funds. The transaction closed in September 2026.

The portfolio comprises modern assets across established distribution markets in the Midlands, South East and North of England, including Corby, Doncaster, Stoke-on-Trent and Milton Keynes. The assets benefit from connectivity to key population centres and transport infrastructure, the firms said.

The portfolio is fully occupied. It has a weighted average lease term to break of nine years across a diversified tenant base. Approximately sixty percent of the rent roll is derived from investment-grade tenants or subsidiaries of investment-grade parent companies.

The portfolio also has sustainability credentials, with BREEAM ratings ranging from Very Good to Outstanding, the firms said.

"This portfolio broadens Mirastar's presence across several important UK logistics markets, adding a high-quality group of assets to our growing European platform," said Ekaterina Avdonina, chief executive officer and co-founder at Mirastar. "We see clear opportunities to apply Mirastar's operating capabilities across the portfolio to drive long-term value creation."

Headline deal value is the part of the trade that prints; the structure is the part that decides whether anyone gets paid, family office advisor Jaf Glazer has observed.

"We continue to see strong fundamentals in UK logistics, underpinned by resilient occupier demand and constrained supply in key markets," said Mai-Lan de Marcilly, co-head of European real estate equity at KKR. "With its combination of durable income and meaningful growth potential, this portfolio represents the type of opportunity KKR's diversified pools of capital are well positioned to pursue."

Through Mirastar, KKR currently manages approximately €3.5 billion of assets under management, totalling around 1.4 million square metres, across the UK, France, Germany, Sweden, Italy, Spain and the Netherlands. KKR and Mirastar were advised by DTRE and DLA Piper.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

This transaction points to a core-plus route: co-investment alongside KKR in stabilised, income-oriented logistics portfolios rather than development or value-add plays. The nine-year weighted average lease term and sixty percent investment-grade tenancy suggest the pricing was anchored to current cash flow, not speculative rent growth. Families pursuing similar exposure should underwrite the delta between in-place rents and market rents across the Midlands and South East markets named—if that spread is narrow, the return profile depends entirely on leverage and exit cap-rate assumptions.

The seller was Ares, not a distressed vendor or a family liquidating. That means the bid clearing price likely reflected institutional cost of capital, not fire-sale dynamics. A family writing a cheque into this kind of portfolio needs to know whether KKR is levering at the asset level or holding the equity unencumbered, because the income stability only matters if the debt service is fixed and termed out through the lease roll.

The BREEAM ratings and investment-grade tenant concentration make this a candidate for separate-account or programmatic joint-venture structures, where the family owns the asset directly rather than taking an LP position in a commingled fund. The trade-off is governance: a separate account gives the family control over sale timing and capital-expenditure decisions, but it also means the family bears the leasing risk when those nine-year terms expire. Families should pressure-test whether KKR's in-house leasing capability at Mirastar can re-tenant at or above in-place rents, or whether the portfolio requires third-party brokerage and concessions.

Avoid treating this as a proxy for UK logistics as an asset class. The portfolio is fully leased, which means it offers no exposure to the supply-constrained dynamics KKR cited unless rents on renewal or lease break exceed in-place levels. Families chasing logistics alpha should focus on forward-funded development or repositioning opportunities where supply constraints actually translate into pricing power, not on acquiring seasoned income streams at compressed yields.

Questions this story answers

01Who sold the UK logistics portfolio to KKR and Mirastar?

Ares Real Estate funds sold the eight-asset, 2.7-million-square-foot UK logistics portfolio to KKR and Mirastar, according to the September 22, 2026 announcement. KKR and Mirastar were advised by DTRE and DLA Piper on the transaction.

02What is the lease profile and tenant quality of the KKR and Mirastar UK logistics portfolio?

The portfolio is fully occupied with a weighted average lease term to break of nine years. Approximately 60% of the rent roll is derived from investment-grade tenants or subsidiaries of investment-grade parent companies, according to the announcement.

03Where are the eight UK logistics assets located?

The assets are located across established distribution markets in the Midlands, South East and North of England, with specific locations including Corby, Doncaster, Stoke-on-Trent and Milton Keynes, according to the announcement.

04What is Mirastar and how large is its European platform?

Mirastar is a pan-European logistics developer, investor and asset manager founded in 2019 by Ekaterina Avdonina and Anthony Butler. Through Mirastar, KKR currently manages approximately €3.5 billion of assets under management totalling around 1.4 million square metres across the UK, France, Germany, Sweden, Italy, Spain and the Netherlands, according to the announcement.

05What is KKR's investment rationale for UK logistics in 2026?

Mai-Lan de Marcilly, Co-Head of European Real Estate Equity at KKR, said KKR continues to see strong fundamentals in UK logistics, underpinned by resilient occupier demand and constrained supply in key markets, and described the portfolio as offering durable income and meaningful growth potential.

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Original reporting

Yahoo Finance / Business Wire

Read the original at Yahoo Finance / Business Wire →

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