EQT Exeter’s non-listed, perpetual-life US real estate investment trust has invested $245m (€221.9m) to acquire two fully-let industrial assets.
EQT Exeter Real Estate Income Trust (EQRT) said it paid over $170m for the 1.2m sqft property at 3327 E Harrisburg Pike in Middletown, Pennsylvania, and invested $75m for the 630,000sqft 1500 Shoals Way asset in Portland, Tennessee.
EQRT said the acquisitions were through a combination of $91.2m in proceeds from the sale of Class E units to its sponsor affiliate, EQT Exeter Holdings US, and debt financing.
Ali Houshmand, EQRT portfolio manager, said: “EQRT is investing in America’s supply chain and will continue to focus on acquiring industrial real estate that supports the growth ambitions of our commercial tenants, which include major distributors and manufacturers. We remain committed to our tenant-centric, vertically-integrated strategy.”
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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