Kohlberg Kravis Roberts & Co. L.P. announced that entities advised by or affiliated with KKR, including KKR Financial Holdings LLC (NYSE:KFN), have acquired the River Plaza 27,000 sqm office building in Asnieres-sur-Seine (Paris region) from funds managed by Aberdeen Asset Management Deutschland AG. Financial details of the transaction were not disclosed.
KKR is working with Cleaveland, who will manage the asset. The acquisition was financed by Helaba Landesbank Hessen-Thuringen.
Guillaume Cassou, a Director of KKR London and Head of the KKR Europe Real Estate team, said: “This investment represents KKR’s first property acquisition in France. River Plaza is a great building that offers high-quality space to tenants. We are pleased to be working with Cleaveland as joint venture partners and we look forward to doing more deals in France and across Europe.”
Laurent Fermaut, CEO of Cleaveland added: “We’re pleased to be working with KKR on their first real estate investment in France and we look forward to a successful collaboration.”
KKR's real estate investment team seeks to partner with real estate owners, lenders, operators and developers to provide flexible capital to respond to transaction-specific needs, including the outright purchase or financing of existing assets or companies and the funding of future development or acquisition opportunities. Since launching a dedicated real estate platform in 2011, KKR has committed over $700 million of equity to 11 real estate transactions in the U.S. and Europe. The team consists of 13 dedicated investment professionals who leverage the broader resources of KKR including Private Equity, KKR Asset Management, KKR Capital Markets, and Global Macro and Asset Allocation.
KKR was advised by Gide Loyrette Nouel, Freshfields, Deloitte and Wargny Katz. Helaba was advised GGSM and Allez & Associes.
Cushman & Wakefield and BNP Paribas acted as sell-side adviser.