KKR Injects $50 Million of Fresh Cash to Support Property Trust

KKR & Co. put $50 million of fresh capital into one of its major property trusts and agreed to a plan to support its valuation as the money manager looks to weather the ongoing turmoil in commercial real estate.

The New York-based firm used its balance sheet on June 4 to purchase shares in its KKR Real Estate Select Trust at a price of $25.56, for a total cost of about $50 million, KKR said in a filing.

Separately, the firm pledged to cancel up to 7.7 million of shares it owns in the real estate investment trust if the ...