April 15, 2025 | KKR Acquires Three Build to Rent Properties in Manchester from L&G

London, 15 April 2025 - KKR and Inhabeo, KKR Real Estate's living sector platform in Europe, today announced the acquisition of The Slate Yard in Manchester, a high-quality portfolio of three Build-to-Rent (BtR) multi-family buildings (the "Portfolio"). KKR and Inhabeo have acquired the Portfolio for over £100m from L&G, a leading UK-based financial services group.

The Portfolio has strong sustainability credentials and consists of 424 high-quality residential units across three properties, totalling 270,000 square feet. It houses attractive amenities including a gym, residents' lounges and co-working spaces. Situated in a prime waterfront location, The Slate Yard is close to the central business district and well positioned to serve Manchester's fast-growing population of professionals in an undersupplied residential market.

Mark Ekinde, Principal in KKR's European Real Estate team, said: "Through the acquisition of The Slate Yard, we are pleased to further our presence in Manchester and continue to grow our UK residential portfolio. Catering to one of the UK's largest and fastest-growing cities, these properties are well placed to meet the growing demand for high-quality, yet affordable, residential real estate. Acquiring strategically located, high-quality residential assets in major urban centres continues to be one of our main investment themes in Europe, driven by positive market trends and compelling structural dynamics."

The acquisition of The Slate Yard is KKR's latest real estate investment in Manchester, joining a growing portfolio which includes the No. 1 St Michael's development, which in December 2024 achieved fully-let status, and recent investments in logistics and hospitality properties serving the city's real estate market. The investment also expands KKR's portfolio of residential real estate in both the UK and Europe, including assets in London, Birmingham, Brighton & Hove as well as Germany, Finland and Denmark.

Dan Batterton, Head of Residential, L&G:"We know there's a critical shortage of housing supply, coupled with increasing demand for high-quality rental homes in the UK. With our recently announced partnerships aimed at creating thousands of new homes across the country, this sale will allow us to continue to reinvest in the Build-to-Rent sector, delivering much-needed new homes."

Ross Netherway, CEO of Inhabeo,added: "This acquisition marks an important milestone in the continued growth of our European living sector investments with KKR, which now exceed £500m. We look forward to building on this momentum to expand further into high-quality Build-to-Rent and Purpose-Built Student Accommodation assets across select European geographies."

KKR and Inhabeo were advised by CBRE and DLA Piper; L&G were advised by Knight Frank and Macfarlanes.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

About inhabeo

Inhabeo is a specialist living sector platform founded in 2023. Inhabeo works in partnership with KKR across Europe with a focus on Build-to-Rent and Purpose-Built Student Accommodation for both core-plus and value-add strategies. For additional information about inhabeo, please visit www.inhabeo.com.

About L&G

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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KKR
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