Today's Transactions <br>KKR, Hines and Pinto to Develop Business Park
New York private equity firm Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) has formed a joint venture with Hines and Pinto Realty Partners to develop Pinto Business Park, a 971-acre business park in Houston, Texas. The fully built-out project is an investment of about $900 million, including debt and equity.
KKR and Hines have the exclusive rights to develop the park, which Pinto Realty Partners, a subsidiary of Cockrell Interests Inc., owns. Pinto and Cockrell are based in Houston.
When the park is complete, it will offer about 9 million square feet of office space.
KKR is a private equity firm with $61.5 billion in assets under management. Pinto Realty, a real estate investor, has more than $300 million in real estate assets. Houston, Texas-based Hines, also a real estate investor, has 1,192 properties in its portfolio.
KKR signed an agreement to acquire the management business of Sunrise Senior Living, along with Beecken Petty O’Keefe and Coastwood Senior Housing Partners on Sept. 14. The company also invested in Yorktown Center, a mall near Chicago, for $196 million in April.