KKR Invests $1.5 Billion in Tower Operator Vertical Bridge (1)

KKR & Co. is investing $1.5 billion in Vertical Bridge REIT LLC in a deal that people familiar with the matter said values the tower operator at $10 billion to $15 billion.

Vertical Bridge’s sponsors DigitalBridge and Quebec pension fund La Caisse are also participating, according to a statement confirming an earlier report by Bloomberg News. The investment has been structured as a preferred equity instrument, said the people, who asked not to be identified because that information was private. Representatives for KKR and Vertical Bridge declined to comment on those details and the valuation.

Florida-based Vertical Bridge is the ...