Combination with Exeter Property Group completed – introducing EQT Exeter

Following the signing of a definitive agreement as announced on 26 January 2021 to combine with Exeter Property Group (“Exeter”) (the “Transaction”), EQT AB (“EQT”) is pleased to announce that the Transaction has been completed. All necessary closing conditions, including regulatory, anti-trust and fund investor clearances, have been achieved.

As previously announced, Ward Fitzgerald, CEO and founder of Exeter, will join EQT’s Executive Committee (“ExCom”) following completion of the Transaction.

The total consideration is USD 1,870 million, 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.

Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner, said, “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.”

Ward Fitzgerald, CEO and founder of Exeter, said, “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.”