KKR hires M&G's Moore for European property push
LONDON, July 25
LONDON, July 25 (Reuters) - U.S. private equity firm Kohlberg Kravis Roberts has hired Martin Moore, the former head of Prudential's real estate arm, to help with its push into the property sector.
Moore, who retired as Chairman of M&G Real Estate in June, and had worked at the company since 1996, joins as a Senior Advisor, KKR said in a statement on Thursday. He will work with KKR's investment team to help expand its property business as it looks to put more money to work in Europe.
Private equity funds under pressure to find high yielding investments are boosting their real estate holdings amid low returns from bonds and the volatility of equity markets.
KKR recently completed its first European property investment in June, paying 112 million pounds ($171.99 million)for three retail parks in Oxford, Glasgow and Sunderland in the UK.
Founded by billionaire cousins Henry Kravis and George Roberts in 1976, KKR managed upwards of $78 billion as of the end of March. It has expanded beyond its private equity roots into credit, real estate, hedge funds and other alternative investments.
Prupim, a real estate investment arm of British insurer Prudential now known as M&G Real Estate, is one of the 20 largest real estate investors in Europe with 16 billion pounds under management.