Realty Income Corp. and KKR have formed a euro-denominated joint venture that is expected to own a diversified portfolio of existing European net lease real estate assets contributed by Realty Income, spanning four markets and a broad mix of industries and tenants. Capital accounts advised by KKR intend to make an initial investment of €528 million ($609 million) to acquire a 49 percent equity interest in the joint venture, with Realty Income retaining a 51 percent ownership interest and continuing to manage the portfolio through its European operating platform.
“This transaction marks another important step in Realty Income’s evolution as the leading global net lease platform,” said Sumit Roy, Realty Income’s president and CEO. “Building on the private capital foundation we have established in the United States, our strategic partnership with KKR extends this strategy into Europe and demonstrates both the portability of our competitive advantages across borders a
