EQT Exeter’s recently launched non-listed, perpetual-life US real estate investment trust has acquired a $60.9m (€56.2m) industrial property in Texas as its first asset.
EQT Exeter Real Estate Income Trust (EQRT) has bought the fully occupied 449,642sqft 110 Southeast Inner Loop Road asset in Georgetown, a deal funded with proceeds from the sale of 6.22m Class E units of its operating partnership to EQT Exeter Holdings US, an affiliate of EQRT’s sponsor.
The warehouse was completed in 2023 and features 106 doors, 123 trailer parking spaces, and more than 500 total parking spaces.
Ali Houshmand, EQRT’s portfolio manager, said: “This property is strategically located in a key regional distribution center just outside Austin, Texas. The location offers access to large and diverse markets with a highly educated and skilled workforce, and GAF Energy intends to employ over 240 people at this facility.
“The EQRT investment strategy seeks to acquire primarily stabilized, income-oriented commercial real estate in the industrial sector across the US. This transaction reaffirms our commitment to that strategy.”
EQT Exeter CEO Ward Fitzgerald, said: “We are thrilled to complete EQRT’s first acquisition. Given the current interest rate environment and consequent attractive property valuations, we are pursuing a number of similar deals.
”We look forward to continuing to make well-timed, strategic acquisitions across key submarkets in the US, capitalising on our fresh start and lack of the legacy issues seen in our industry right now.”
EQT Exeter launched EQRT in August last year to invest primarily in “stabilised, income-oriented commercial real estate in the US”.
EQRT 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”.
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