KKR & Co. Inc. [NYSE: KKR] has disclosed that it has decided to divest the Riata Corporate Park. Riata Corporate Park is an eight-building, 688,100 square foot, Class A office campus. It is situated in the Austin Technology Corridor in Northwest Austin, Texas. A global institutional investor is going to buy the Park in a deal worth $300 million.
KKR has acquired Riata back in December 2019 through its Americas opportunistic real estate strategy together with Endeavor Real Estate Group. Under its ownership, KKR has managed Riata Park very well as the firm has greatly improved it. It has upgraded the fitness center, café, landscaping, outdoor facilities, and other features of the Park. KKR and Endeavour also executed substantial postponed servicing.
Additionally, it has introduced a devoted real estate platform in 2011. KKR has expanded real estate assets under management to nearly $32 billion across the U.S., Europe, and Asia as of June 30, 2021. The global real estate team of the firm consist of nearly 130 loyal investment professionals. It covers both the equity and credit business, across twelve offices and nine countries.
Furthermore, KKR’s long-term commitment to high-quality properties in spectacular locations within charming growth markets encouraged the firm to invest in Riata. It is a tech-focused office campus in one of the country’s most attractive cities.
Moreover, the firm believed that Riata is in a good position to continue profiting from the net migration to Sunbelt cities. The firm plans to offer great live-work environments for workers.