Christian Sinding’s EQT is acquiring Ward Fitzgerald’s Exeter Property Group for $1.9 billion in a stock-and-cash transaction. Exeter generated roughly $135 million in revenues and approximately $80 million in EBITDA.
- Portfolio: Exeter’s portfolio primarily consists of logistics/industrial warehouses and last-mile delivery centers, but also has a growing presence in U.S. life science/suburban office and multi-family properties. The deal will add $10 billion to the Swedish private equity group’s assets under management. EQT’s existing strength is in European real estate.
- In related news: Guggenheim has committed $600 million to a new fund with private equity partner ElmTree Funds focused on investing in industrial e-commerce assets throughout the U.S. With e-commerce sales expected to hit $1.25 trillion by 2025, JLL predicts demand for warehouse and distribution space to reach over one billion SF by then.
- Heard on the Street: Exeter Property Group’s Ward Fitzgerald: “We will continue to be fully focused on driving returns by utilizing our unique local execution of small and mid-cap acquisitions, adhering to our real estate solutions ethic to our over 1,200 corporate client/tenants and directly performing our own leasing, property management and development.” [FT+Bloomberg+GlobeSt]