Stockholm private equity firm EQT AB will acquire Conshohocken-based Exeter Property Group, a global industrial property giant, for $1.9 billion, writes Natalie Kostelni for the Philadelphia Business Journal.
EQT will buy Exeter in a transaction that involves $1.07 billion in cash. This includes $300 million to refinance existing debt along with $800 million in EQT shares.
Exeter, started by Ward Fitzgerald in 2006, currently has $10 billion in assets under management. For 2020, it is expected to generate approximately $135 million in revenue and $80 million in earnings.
The majority of the company’s portfolio is industrial properties, but it has also expanded into life science, suburban office, and other real estate nationally and in Europe.
Under the deal, EQT will acquire 100 percent of Exeter’s management company. Shareholders will receive 65 percent of their considerations in EQT shares and 35 percent in cash.
“The transaction is part of EQT AB’s strategic growth ambitions within real estate and creates a scaled thematic investment platform across North America and Europe,” said EQT. “It also provides Exeter management with the ability to continue their track-record as a top performing real estate investment manager.”
Read more about Exeter Property Group at the Philadelphia Business Journal by clicking here.