KKR

KKR is a leading global investment firm that was co-founded in 1976 by Henry Kravis and George Roberts, alongside Jerome Kohlberg. The firm established itself as a pioneer in the private equity asset class, growing from an initial capital of US$120,000 into a significant entity within the multi-trillion dollar industry. Today, KKR operates worldwide, maintaining offices in 36 cities across 17 countries, reflecting its expansive global reach and commitment to diverse markets. The company serves a broad range of clients, including institutional investors, wealth investors, family offices, and various companies across numerous industries.

The firm's operations encompass three primary business areas: asset management, insurance, and strategic holdings. Within asset management, KKR offers solutions across alternative assets such as private equity, private credit, infrastructure, and real estate, in addition to liquid credit and capital markets. The company's investment philosophy is centered on generating attractive returns by leveraging its integrated "one-firm culture" and the collective expertise of its investment professionals, operational experts, and support specialists. This approach aims to enhance the businesses in which it invests and create value for its clients. KKR also emphasizes deep alignment by investing its own capital alongside its clients in its funds and portfolio companies.

KKR is a thematic investor in real estate, pursuing opportunities across the entire capital structure, encompassing both real estate equity and real estate credit. The firm's real estate platform benefits from its global network of portfolio companies, investment professionals, and in-house macroeconomic experts, providing a distinct perspective on market trends. In Europe, KKR Real Estate operates Inhabeo, a dedicated living sector platform established in 2023. Inhabeo works in strategic partnership with KKR, focusing on Build-to-Rent (BtR) and Purpose-Built Student Accommodation (PBSA) across both core-plus and value-add strategies. This platform is integral to KKR's broader European Core+ living sector strategy, which has grown to exceed £800 million in assets.

The firm has a notable and expanding presence in the UK Purpose-Built Student Accommodation market. In September 2025, KKR, in conjunction with Inhabeo, acquired a portfolio of seven PBSA assets from Curlew Student Trust II for approximately £230 million. This acquisition added 2,179 beds across seven UK university cities, with the properties having been completed between 2020 and 2022. These assets are characterized by strong occupancy rates, driven by domestic undergraduate demand, and feature primarily en-suite units with attractive amenities and strategic locations. Furthermore, KKR is forward-funding a 544-bed student housing development near the University of Warwick, a project undertaken with developer Gilltown and general contractor Winvic, scheduled for completion in the summer of 2027. This development aims to transform a vacant office space into a student community to address the university's accommodation needs.

KKR's involvement in UK PBSA also includes prior activities, such as the acquisition of five PBSA sites in 2018. These sites were developed into 2,163 units located in London, Glasgow, Coventry, and Bristol, and were subsequently sold to Greystar Real Estate Partners LLC for £291 million. The firm's strategy in this sector is driven by a conviction in providing high-quality living spaces in undersupplied markets that benefit from resilient demand from top universities. KKR continues to view the UK as a strategically significant market for PBSA, with strong projected demand, and actively assesses future opportunities to acquire and develop quality assets. The firm's investments in this sector align with its broader commitment to expanding its European student housing footprint through targeted real estate strategies.