KKR is increasing its investment in Mirastar, the pan-European logistics developer, investor and asset manager, as one of its co-founders steps into a non-executive director role.
The partners confirmed in a statement on Tuesday that funds managed by the global investment firm would increase their investment in Mirastar to "continue building on the success of its leading pan-European industrial and logistics platform".
Mirastar was founded by Ekaterina Avdonina and Anthony Butler in 2019, with the business buying more than 70 properties and approximately €3 billion (£2.6 billion) in assets and developments across six countries over the last six years. KKR bought a majority stake in the business in 2020.
The partners said the investment will support Mirastar’s expansion as KKR's platform for acquiring and managing logistics properties across Europe.
Butler will hand over his day-to-day responsibilities as chief investment officer, with the firms saying he would move into a non-executive director role. Avdonina will continue leading the business as CEO.
Butler’s real estate career spans more than 30 years, including senior European and global roles at leading institutions. Prior to launching Mirastar, he was head of European real estate for TIAA, where he led the acquisition of Henderson to form Nuveen.
He also held the role of global head of transactions and indirect investments for Generali, and senior leadership positions at MGPA, DWS, and Delin. His diverse experience includes roles as investor, developer and operating partner.
Butler said in a statement: "Building, launching, and growing Mirastar alongside Ekaterina into one of Europe’s most respected industrial and logistics platforms has been an incredible journey.
"I’m proud of what we’ve accomplished together, which is a testament to what’s possible with the right talent, strong strategic partnerships, and the support of an ambitious capital partner like KKR. As I look ahead, I remain committed to supporting Mirastar’s continued success and excited about what lies ahead in real estate – especially in global logistics."
Avdonina said: "Co-founding Mirastar with Anthony has been one of the most rewarding experiences of my career. Together with KKR, we have built a platform that has exceeded all our expectations.
"I’ve learned a great deal from Anthony, both professionally and personally, and I’m grateful that he will remain involved as a non-executive director as we look to the future."
Seb d’Avanzo, head of real estate acquisitions for KKR Europe, added: "Industrial and logistics has been one of our highest conviction themes in European real estate and our strategic partnership with Mirastar has enabled us to acquire an exceptional portfolio that continues to deliver strong results for our clients.
"Our strategic partnership with Ekaterina and Anthony has been crucial in realizing our shared vision and we see bright opportunities ahead for Mirastar under Ekaterina’s continued leadership.
"Few people combine Anthony’s deep conviction, market insight and relentless energy. We’ll miss Anthony’s daily presence, but we are fortunate to still have his counsel and experience as the journey continues."