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.

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