KKR Real Estate Select Trust Appoints Julia Butler as CEO, Matt Salem as Vice Chairman

KKR Real Estate Select Trust Inc., a ’40 Act closed-end fund that qualifies for tax treatment as a real estate investment trust with $1.2 billion in aggregate NAV, has announced a change in the management of the fund, appointing Julia Butler as the fund’s chief executive officer, replacing previous CEO Billy Butcher. In addition to being CEO, Butler will also serve as director and president. Butler had previously served as the trust’s chief investment officer. Matt Salem has also joined the fund’s management team as a director and vice chairman.

According to KKR, Butler joined the company in 2017 and is a managing director in the firm’s real estate group. Butler has more than two decades of real estate investing experience across both real estate equity and credit. Prior to moving to the equity side, she was actively involved in the growth of KKR’s real estate credit business, including sourcing, underwriting, and structuring real estate credit investment opportunities along with capital formation.

Matt Salem joined KKR in 2015 and is a partner and head of real estate credit. He has served as chief executive officer of KKR Real Estate Finance Trust Inc. since March 2020. Salem previously served as co-CEO and co-president of KREF from October 2015 through March 2020.

The fund also reported that neither Butler nor Salem have any equity securities in the fund. They also receive no total compensation from the fund.

Along with Butler, the executive officers of the fund include Michael Whyte, chief operating officer; Megan Gaul, treasurer, chief financial officer, and chief accounting officer; Lew Breckenridge, chief compliance officer; Lori Hoffman, chief legal officer and secretary; and Doug Krupa, vice president and head of investor relations.

This management change follows closely on the news that investment banking firm Robert A. Stanger & Co., Inc. upgraded the fund’s rating to overweight. Additionally, as previously reported by Alts Wire, KKR announced a shareholder priority plan to help enhance NAV REIT returns. The fund reported negative total returns in excess of 6% in 2023 and, as of July 31, 2024, was down 2.13% year-to-date.

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