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KKR Files for REIT IPO

NEW YORK CITY-Equity firm Kohlberg Kravis Roberts, which was part of the team that acquired the Toys 'R' Us and Babies 'R' Us chains last month, is taking its KKR Financial Corp. REIT public.

By Barbara Jarvie | Updated on April 19, 2005

NEW YORK CITY-Kohlberg Kravis Roberts & Co. has filed with the SEC to take its KKR Financial Corp. REIT public. Specific details including the number of shares and dollar amount expected to be raised were not specified in the SEC Form S-11. KKR Financial was organized in July 2004 and completed an initial private placement of shares common stock the following month. Since raising that initial capital, the company has invested approximately $6.3 billion through March 31.

The company focuseses on four targeted asset classes: residential mortgage loans and mortgage-backed securities; corporate loans and debt securities; commercial real estate loans and debt securities; and asset-backed securities. According to the filing, the firm’s income is generated “primarily from the difference between the interest and dividend income generated by our investments and the cost of our borrowings.” The company believes multi-asset class strategy permits them to be “opportunistic and invest in those asset classes that generate attractive leveraged risk-adjusted returns.”

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