US buyout giant KKR has backed a $94m investment in a New York shopping mall in the wake of closing a $1.5bn real estate-focused buyout fund.
KKR teamed with Broadway Mall Pacific, a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners, for the deal.
The 58-year-old Broadway Mall was enclosed in 1972 and is currently more than 90 percent occupied, anchored by IKEA, Macy’s, Multiplex 12 Cinema and Target.
KKR said it would use KKR Real Estate Partners Americas to target property-level equity and debt and businesses with sizeable real estate holdings, adding it had made about a dozen deals between summer 2012 and the end of 2013.
AltAssets reported last summer that KKR had made its first real estate investment in Europe by buying a 430,000 square foot UK-based retail park portfolio from Resolution Property.
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