EQT Exeter, which was recently created as a result of a merger between EQT’s real estate business and Exeter Property Group, has raised €2.1bn for a European logistics value-add fund.
EQT said the EQT Exeter Europe Logistics Value Fund IV, which closed at its hard cap, was oversubscribed with commitments from a diversified group of new and existing investors across North America, Europe, Asia and the Middle East.
The fund’s investor base includes public and corporate pension funds, sovereign wealth funds, insurance companies, global asset management firms, commercial banks, endowments, foundations and family offices.
EQT said the fund will pursue a value-add strategy to acquire, develop, redevelop, lease, operate and sell supply chain and e-commerce focused big box warehouse, last mile and light industrial properties serving major markets throughout Europe.
EQT said the fund is the first vehicle to close after the combination of EQT’s real estate business and Exeter, which was completed in April.
Ward Fitzgerald, partner and head of EQT Exeter, said: “The successful fundraise of EQT Exeter Europe Logistics Value Fund IV validates our proven 15+ year track record of value creation due to our locals with locals vertically integrated operating model.
“We look forward to working with our new colleagues at EQT to continue to outperform and provide strong returns to the fund’s investors.”
Paul Rubincam, partner and co-head of the EQT Exeter Europe advisory team, said: “We are confident that given the strong pipeline and the team’s ability to utilise its leasing, tenant relationship, development and asset management skills to effectuate value-add outcomes, we will successfully advise on the deployment the Fund’s capital and delivery of its superior performance.”
Lennart Blecher, head of real assets’ advisory teams, deputy managing partner and chairperson of EQT Exeter, said: “The closing of the fund marks an important milestone following the completion of the combination of EQT’s real estate business and Exeter.”
Blecher said EQT Exeter will be working closely together with the entire EQT platform across Europe and the fund will be able to capitalise on thematic real estate investment opportunities in the market.
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