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.
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