EQT acquires Exeter Property Group for $1.87 billion
EQT AB has entered an agreement to acquire Exeter Property Group to scale its global real estate investment platform. The transaction is valued at $1.87 billion.
Investment firm EQT AB has announced the acquisition of Exeter Property Group in a deal valued at $1.87 billion. The consideration consists of $800 million in new EQT shares and $1.07 billion in cash, which includes the refinancing of $300 million in existing debt held by Exeter.
Exeter Property Group, founded in 2006, manages over $10 billion in assets with a focus on logistics, industrial, life science, and residential properties across the United States and Europe. The acquisition is intended to expand EQT's footprint in North America and create a global platform for value-add real estate investments. By integrating Exeter’s portfolio, EQT aims to leverage synergies in thematic investing and operational management.
The transaction is expected to be accretive to EQT's earnings in 2021. Following the close, EQT expects to strengthen its presence in North America significantly, estimating that 30 percent of its capital raised in 2020 would have originated from the region on a pro-forma basis.