EQT鈥檚 real estate arm has launched a non-listed, perpetual-life US real estate investment trust (REIT) by offering up to $5bn (鈧�4.6bn) worth of shares in an initial public offering.
EQT Exeter said the EQT Exeter Real Estate Income Trust (EQRT) has been formed to invest primarily in 鈥渟tabilised, income-oriented commercial real estate in the US鈥�.
EQT will mainly seek to invest 鈥渁pproximately 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鈥�.
The manager said it is offering, on a continuous basis, up to $5bn in shares and a minimum offering of $25m.
Last month the manager鈥檚 latest value-add US industrial real estate investment fund EQT Exeter Industrial Value Fund VI closed at $4.9bn, exceeding the fund鈥檚 $4bn target.
Fund VI, which was backed by existing and new investors, received capital commitments from a diverse group of pensions, foundations, insurance, and sovereign clients across North America, South America, Europe, Asia, and the Middle East.
The value-add fund鈥檚 strategy involves acquiring, developing, renovating, leasing, operating, and selling industrial properties serving major markets throughout the US.
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