Sweden-based global investment firm EQT AB (EQT) has completed the acquisition of US-based Exeter Property Group, a global real estate investment manager with more than $10bn of assets under management.
As previously announced, Ward Fitzgerald, CEO and founder of Exeter, will join EQT’s executive committeefollowing completion of the transaction.
The total consideration is $1,87 billion, and as part of the Transaction, EQT has issued 33,296,240 shares to Exeter’s selling shareholders, corresponding to dilution of approximately 3.4 percent. EQT will have 986,280,140 ordinary shares issued and outstanding following the completion of the transaction.
“We are happy to announce that the combination of Exeter and EQT’s real estate businesses is complete. Together, we will create a leader in thematic value-add real estate investments, allowing EQT to scale up its existing local execution efforts while also adding a prolific single asset deal platform. On behalf of the entire ExCom, we look forward to working together with Ward to further develop our global real estate footprint,” said Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner.
“The closing marks an important milestone for the combined company and we are excited about the opportunity to develop EQT Exeter into a true global leader in real estate. Our focus remains on driving returns and we are confident that, with our shared investment approach and complementary platform in Europe, North America and Asia, we will be able to create performance for the benefit of both current and future investors and clients,” said Ward Fitzgerald, CEO and founder of Exeter.