EQT’s real estate arm has launched a non-listed, perpetual-life US real estate investment trust (REIT) by offering up to $5bn (€4.6bn) worth of shares in an initial public offering.

EQT Exeter said the EQT Exeter Real Estate Income Trust (EQRT) has been formed to invest primarily in “stabilised, income-oriented commercial real estate in the US”.

EQT will mainly seek to invest “approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties”.

The manager said it is offering, on a continuous basis, up to $5bn in shares and a minimum offering of $25m.

Last month the manager’s latest value-add US industrial real estate investment fund EQT Exeter Industrial Value Fund VI closed at $4.9bn, exceeding the fund’s $4bn target.

Fund VI, which was backed by existing and new investors, received capital commitments from a diverse group of pensions, foundations, insurance, and sovereign clients across North America, South America, Europe, Asia, and the Middle East.

The value-add fund’s strategy involves acquiring, developing, renovating, leasing, operating, and selling industrial properties serving major markets throughout the US.

To read the latest edition of the latest IPE Real Assets magazine click here. 

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