EQT Exeter to Expand Industrial Portfolio With $595M Morgan Stanley, SMBC Loan

Industrial landlord EQT Exeter has secured a $595 million acquisition loan for a 38-property portfolio in key U.S. markets, Commercial Observer has learned.

The deal represents the largest bank balance sheet financing for an industrial portfolio so far this year.

The five-year, floating-rate loan from Morgan Stanley (MS) and Sumitomo Mitsui Banking Corporation (SMBC) will help the borrower beef up its already sizable presence in markets such as Phoenix; Columbus, Ohio; and Louisville, Ky., according to a source with knowledge of the deal.

EQT Exeter Industrial Value Fund VI closed several deals to acquire the portfolio, which includes industrial assets in Phoenix, Columbus, Louisville and Central Pennsylvania. The firm has acquired 62 million square feet of U.S. industrial space in 2024, and its industrial strategy hinges on buying properties based where it can fully take advantage of the global supply chain as well as e-commerce trends.

CBRE (CBRE)’s Tom Rugg, Tom Traynor, Mark Finan and Steve Roth arranged the deal, sources said. 

EQT Exeter’s portfolio of ​​industrial, residential and life science properties spans continents with a major presence in Europe, as well as some properties in China, Australia, Brazil and Mexico. This portfolio is fully leased to 44 tenants.

CBRE declined to comment, while EQT Exeter, Morgan Stanley and SMBC did not immediately respond to requests for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com, while Brian Pascus can be reached at bpascus@commercialobserver.com