KKR Buys Distribution Center in Phoenix; Street Says Buy
Global investment major KKR & Co. Inc. (KKR) recently announced that the company has acquired a Class A industrial distribution property in the Papago industrial park of Phoenix, Arizona. The financial terms of the deal have not been disclosed so far.
Following the news, shares of the company rose 2.5% and closed at $63.38 on Thursday.
The property spans an area of about 226,000 square-foot and is located in the highly infill Southwest Valley submarket of Phoenix. Notably, it has been leased to a leading industrial building products manufacturer on a long-term basis.
The Director of Real Estate Private Equity at KKR & Co. Inc., Ben Brudney, said, “Phoenix continues to be a high conviction market for our real estate business and we are pleased to grow our presence in the market with the purchase of this well-located and modern industrial distribution property.” (See KKR stock chart on TipRanks)
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On October 7, Jefferies analyst Gerald O’Hara initiated coverage on the stock with a Buy rating. The analyst’s price target of $74 implies upside potential of 16.8% from current levels.
Consensus among analysts is a Strong Buy based on 8 Buys and 1 Hold. The average KKR price target of $76.17 implies upside potential of 20.2% from current levels.
KKR scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 75.8% over the past year.
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