KKR unit recapitalizes Drawbridge Realty office portfolio - Pensions & Investments

KKR & Co’s insurance subsidiary, Global Atlantic Financial Group, recapitalized an approximately $1.7 billion portfolio of 95% leased, Class A office properties held by real estate manager Drawbridge Realty’s open-end fund, said Billy Butcher, chief operating officer of KKR’s global real estate business.
KKR has owned a majority interest in Drawbridge Realty since 2014 and KKR will maintain its ownership stake alongside Drawbridge’s management team following the transaction.
As part of the transaction, Global Atlantic is cashing out the institutional investors in the open-end fund and becoming Drawbridge Realty’s sole investor. Drawbridge is expected to accelerate its investments in high-quality, net-leased office properties in the U.S. with a goal to more than double the size of its portfolio over the next two to three years.
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