Private equity powerhouse KKR today announced the final closing of KKR Real Estate Partners Europe II (REPE II), a $2.2 billion fund consisting of real estate investments in Western Europe.

REPE II is the successor fund to KKR Real Estate Partners Europe (REPE I), KKR’s first dedicated European real estate fund, which closed in June 2016 with $739 million in capital commitments. As of June 30, 2021, REPE II had already committed more than $700 million of capital principally across logistics and residential investment opportunities.

According to the firm, KKR's European real estate platform takes a flexible investment approach across assets and platforms. REPE II will make value-add and opportunistic investments where KKR can drive meaningful growth by leveraging the Firm’s highly experienced investment teams, its global network of industry and operational experts, and long track record of value creation.

Using KKR’s thematic investing approach, the fund will target sub-sectors with attractive structural dynamics, including logistics, residential, student housing, hospitality and high-quality offices.

“We continue to believe that Europe represents an attractive investing environment for real estate,” said Ralph Rosenberg, partner and global head of KKR Real Estate. “Our real estate strategy is closely integrated with the wider KKR platform, our multi-disciplinary investment expertise and is underpinned by our strong global track record. This breadth means we can be a differentiated partner to entrepreneurs, developers and management teams, and we are well-positioned to execute on the opportunities we see in Europe.”

As of March 31, 2021, KKR Real Estate has approximately $28 billion of assets under management in real estate strategies globally. Since launching a dedicated real estate platform in 2011, KKR has committed over $3 billion of balance sheet and employee capital across real estate strategies, and has 113 dedicated investment professionals, and offices in eleven cities in eight countries.