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KKR Mortgage REIT Launches IPO

NEW YORK CITY—In an SEC filing on Wednesday, KKR Real Estate Finance Trust cites “strong demand” for commercial real estate debt capital domestically.

By Paul Bubny | paulbubny | Updated on April 26, 2017

Matt Salem of KKR “We see attractive opportunities to invest in US real estate credit,” Matt Salem said in November.

NEW YORK CITY—KKR’s mortgage REIT vehicle launched its initial public offering Wednesday with the sale of 10 million shares priced in the range of $20.50 to $2.150. The $210-million IPO target for KKR Real Estate Finance Trust (KREF) was more than double the $100-million goal identified in an SEC filing earlier this month.

The REIT’s common stock has been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the KREF ticker. Wells Fargo Securities, Morgan Stanley and KKR are acting as joint book-running managers for the offering, while Barclays, Goldman Sachs and J.P. Morgan are acting as additional book-running managers. Keefe, Bruyette & Woods is acting as a co-manager.

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