KKR to Acquire 49% Stake in Realty Income's European Portfolio for $610 Million to Form JV

07:51 AM EDT, 09/14/2026 (MT Newswires) -- KKR (KKR) is expected to acquire a 49% equity interest in a joint venture that will own a European portfolio of net lease real estate assets contributed by Realty Income (O) for 528 million euros ($609.8 million), Realty Income said Monday. Realty Income will retain a 51% ownership interest in the JV and continue to manage the portfolio through its European operating platform, the company said. The transaction is expected to close on Sept. 30, and Realty Income said the transaction provides a 5.9% initial cap rate after management fees. The portfolio will include 54 properties and 140 units across Spain, Ireland, Poland and the Netherlands, with estimated first-year cash net operating income of (Euro) 67.7 million and a weighted average remaining lease term of 7.2 years, Realty Income said.