KKR enters Australian market with A$120m buy
KKR has entered the Melbourne market with its new partner Abacus Property Group. The firms made an official announcement of the acquisition.
KKR and Abacus paid A$120.4 million ($112 million), excluding transaction costs, for a 70 percent interest in Towers 2, 3, and 4 of the World Trade Center in Melbourne, while the seller, Asset 1 WTC, will retain a 30 percent co-ownership interest.
KKR’s Melbourne investment represents its first real estate investment in Australia.
The property is a part of the Northbank precinct adjacent to the central business district, one of Melbourne’s largest integrated waterfront mixed-use developments, which has been transformed into a vibrant comm