KKR Alternative Assets LLC Acquires Additional Shares in Real Estate Select Trust

KKR Alternative Assets LLC, a significant stakeholder in KKR Real Estate Select Trust Inc., recently reported an acquisition of additional shares. The company disclosed that it acquired 104,406.552 shares of Class I Common Stock on September 30, 2024. The shares were purchased at a price of $25.32 per share, bringing KKR Alternative Assets’ total holdings in the company to approximately 10,005,318 shares. This acquisition was executed indirectly through an arrangement governed by an investment advisory agreement.

According to the filing, the newly acquired shares were issued as payment for management and/or incentive fees. Under the terms of the agreement between KKR Real Estate Select Trust and KKR Registered Advisor LLC, KKR Registered Advisor LLC directed the shares to be received by its affiliate, KKR Alternative Assets LLC.

This transaction reflects the ongoing alignment between KKR’s broader investment management strategy and its stake in real estate assets. KKR Real Estate Select Trust, a part of the extensive KKR asset management portfolio, emphasizes its focus on real estate markets, making these acquisitions part of its commitment to actively manage and grow its holdings.

Multiple entities within the KKR corporate structure play a role in managing and holding these shares, including KKR Group Assets Holdings II L.P., KKR Group Partnership L.P., and KKR Management LLP. Additionally, notable individuals like Henry R. Kravis and George R. Roberts, as founding partners of KKR Management LLP, are tied to the firm’s ownership structure.

The move further underscores KKR’s active management approach to investments, demonstrating confidence in the performance of the real estate market and the trust’s future potential.