NEW YORK – (BUSINESS WIRE) – KKR, a leading global investment company, announced today that KKR has agreed to sell Riata Corporate Park (“Riata”) to a global institutional investor in a deal valued at more than $ 300 million. The transaction is expected to close in the coming months.
Riata Corporate Park is a 688-square-foot Class A office building campus located in the Austin Technology Corridor in northwest Austin, Texas. The campus is conveniently located just minutes from The Domain, Austin’s premier mixed shopping and entertainment center. The property is 100% leased and occupied by a group of high quality tenants that includes listed companies, along with a combination of technology business, financial services and health services.
Since buying Riata in December 2019 through its opportunistic real estate strategy in America along with Endeavor Real Estate Group (“Endeavor”), KKR has substantially updated the gym, cafeteria, landscaping, outdoor amenities free and other features of the property. KKR and Endeavor also completed significant deferred maintenance.
“Our long-term focus on high-quality properties in large locations within attractive growth markets led us to invest in Riata, a technology-focused office campus in one of the most desirable cities in the country,” he said. said Roger Morales, KKR partner and head of Real Estate Acquisitions. “We are proud of the real estate and capital improvements delivered under our ownership in what has meant a successful investment in pre-pandemic offices. Riata, one of three 50-acre office parks northwest next to The Domain, is well positioned to continue to benefit from net migration to Sunbelt cities as companies seek to provide fantastic live work environments for to employees. ”
Since the launch of a dedicated real estate platform in 2011, KKR has increased managed real estate assets to approximately $ 32 billion in the US, Europe and Asia as of June 30, 2021. KKR’s global real estate team is formed by approximately 130 professionals dedicated to investment, covering both the equity and credit businesses, in twelve offices and nine countries.
Cushman & Wakefield’s institutional capital markets team acted as KKR’s real estate advisor.
As for KKR
KKR is a leading global investment company offering insurance solutions and alternative capital markets for asset management. KKR aims to generate attractive investor returns by following a patient and disciplined investment approach, employing world-class people and supporting the growth of its companies and portfolio communities. KKR sponsors mutual funds that invest in private assets, credit and real assets and has strategic partners who 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 its insurance subsidiaries. For additional information on KKR & Co. Inc. (NYSE: KKR), visit the KKR website at www.kkr.com and on Twitter @KKR_Co.