European Market Expansion
KREF closed its first real estate credit loan in Europe, secured by a 92.5% occupied portfolio of 12 light industrial assets across Paris and Lyon, France. This transaction highlights KREF's ability to leverage KKR's global resources. Over the last few years, KREF has originated over $2.5 billion in Europe.
Liquidity and Financing Strength
KREF successfully upsized its Term Loan B by $100 million to $650 million, with a repricing of 75 basis points tighter, reducing the coupon to SOFR plus 250 basis points. The corporate revolver was also increased to $700 million, resulting in a near-record liquidity level of $933 million.
Strong Origination Pipeline
For the fourth quarter, KREF expects over $400 million in originations and has already closed $110 million across the United States and Europe, indicating robust market activity.