EQT Exeter has closed one of the largest European industrial real estate transactions ever with the sale of a €3 bn logistics portfolio on behalf of its private real estate fund, EQT Exeter European Value Venture III.
Although the buyer was not disclosed, it is understood to be Singaporean sovereign wealth fund GIC.
The 2.2 million m2 portfolio consists of 132 high-quality, modern logistics properties assembled through 102 transactions in the UK and Europe.
These properties serve the supply chains of major corporations, including facilities for “big box” regional distribution, e-commerce fulfillment, and last mile distribution. The portfolio spans major population centres and key e-commerce and air cargo hubs across Western and Central Europe.
EQT Exeter developed 762,000 m2 of the portfolio; leased 715,000 m2 of vacancy; and signed 205,000 m2 in renewals during the fund’s ownership period.
In line with EQT Exeter’s commitment to creating sustainable, future-proofed assets for its tenants, the 762,000 m2 of newly constructed properties will be environmentally accredited and are equipped with the newest renewable design features in the industry.
Paul Rubincam, partner and head of EQT Exeter Europe, said, ‘This transaction, which marks our fifth multi-billion sale, builds on EQT Exeter’s decade-long track record as the leading logistics investment manager and landlord in Europe. We are proud to deliver another transformational deal for EQT Exeter's investors, and we look forward to our continued collaboration with the buyer, which has engaged us to continue managing and leasing the properties.’
Clifford Chance advised EQT Exeter, and Eastdil Secured and CBRE served as procuring brokers in this transaction.
UK press publication ReactNews first reported that EQT was on the brink of selling the portfolio to GIC. The sovereign wealth fund last month also emerged as the buyer together with a group of investors of a major US logistics portfolio consisting of 328 assets, from the real estate unit of Swedish private equity firm EQT for a price in the region of $6.8 bn.