KKR formed Strategic Lease Partners (SLP), a new platform to invest in a diversified portfolio of triple-net lease (NNN) real estate. KKR’s investment, primarily from its credit and real estate funds, will position the platform to acquire more than $3 billion in assets. Net lease investors Andrés Dallal and Joseph Mastrocola will join SLP as partners, working with KKR’s real estate, credit and capital markets teams to acquire NNN properties and deliver sale-leaseback solutions to corporate tenants.
“We believe there is an attractive opportunity to acquire NNN assets and be a real estate partner of choice for companies in need of comprehensive, creative net lease solutions. By leveraging KKR’s broad-based real estate, credit and capital markets capabilities and resources — and the deep connectivity between them — SLP can be a differentiated partner for corporate tenants. We look forward to partnering with Andrés and Joe, two accomplished investors with deep relationships and great experience sourcing and evaluating net lease opportunities, to build-out SLP,” Billy Butcher and Jenny Box, partners at KKR, said in a joint statement.
Prior to joining SLP, Dallal and Mastrocola were executive directors at W.P. Carey, where they were responsible for sourcing, evaluating, negotiating and structuring net lease investments in North America. Both executives have investment expertise across long-term, triple-net, single-tenant sale-leasebacks and build-to-suit transactions for corporate clients.
“We are delighted to join the KKR team in this new venture and to grow SLP as a trusted partner to corporations as an owner of their properties under long-term leases. We believe that with KKR’s resources and collaborative culture across strategies, SLP is uniquely positioned to understand the perspective of a corporate tenant and act decisively to provide a reliable solution to corporations across the credit spectrum,” Dallal and Mastrocola said in a joint statement.
