EQT Exeter has received approval by the U.S. Securities and Exchange Commission for its IPO of the EQT Exeter Real Estate Income Trust, with plans to raise up to $5 billion across various share classes.
EQRT is managed by Exeter Property Group, a Philadelphia-based affiliate of EQT. The strategy will invest in ‘stabilized, income-oriented commercial real estate” in the U.S., with an emphasis on the properties that can leverage EQT Exeter’s long-standing relationships with Fortune 1000 companies.
Approximately, 80% of the portfolio will be properties with business tenants, such as industrial or life science properties. The remaining 20% will be in assets with consumer users including multifamily or self-storage properties.
The IPO follows the final close of the EQT Exeter Industrial Value Fund VI at $4.9 billion with strong demand from existing and new global investors in July.
Until the release of proceeds from escrow, the EQRT per share purchase price for shares of common stock in the offering will be $10.00 per share plus applicable upfront selling commissions and dealer manager fees. After that, the purchase price per share for each class of common stock will vary and will generally equal the prior month’s net asset value per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees, officials announced in a press release.
