Bloomberg News

KKR Teams With Hines to Develop Business Park in Houston

September 26, 2012

KKR & Co. (KKR:US), the private-equity firm run by Henry Kravis and George Roberts, formed a joint venture with Hines to develop a master-planned business park in Houston as it seeks to expand in real estate deals.

The partnership will build the Pinto Business Park, owned by Pinto Realty Partners, a subsidiary of Cockrell Interests Inc., KKR said in a statement today. Roads and drainage are already designed for the 971-acre (392-hectare) property, Houston’s largest development-ready business park.

The transaction is the fourth this year for KKR’s real estate team. The private-equity firm, which last year hired former Goldman Sachs Group Inc. (GS:US) executive Ralph Rosenberg as its first head of real estate, earlier this month joined with two other companies to buy the management business of Sunrise Senior Living Inc. (SRZ:US) for $130 million as part of Heath Care REIT Inc.’s acquisition of the senior-housing owner.

“Pinto Business Park will offer manufacturing clients the benefits of a large-scale, controlled business-park setting, and distribution clients the benefit of a second-to-none location,” Palmer Letzerich, managing director at Hines, a Houston-based property investor, said in the statement.

To contact the reporter on this story: Prashant Gopal in New York at pgopal2@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


Video Game Avenger
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • KKR
    (KKR & Co LP)
    • $22.29 USD
    • -0.21
    • -0.94%
  • GS
    (Goldman Sachs Group Inc/The)
    • $189.18 USD
    • 0.66
    • 0.35%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus