EQT Buys Two U.S. Industrial Properties For Over $245 Million

By Dominic Chopping

STOCKHOLM--EQT acquired two industrial properties in the U.S. for a total of over $245 million.

The Swedish buyout group said Monday its EQT Exeter Real Estate Income Trust acquired a 1.2 million square-foot property in Middletown, Pennsylvania for over $170 million and 630,000 square-foot property in Portland, Tennessee for $75 million.

Both industrial properties were constructed last year and are fully leased by commercial tenants, with each property carrying a lease of over 10 years.

It said the Pennsylvania property is strategically positioned near the regional hubs of two major U.S. shipping carriers and within a five-mile radius of Harrisburg International Airport and the Norfolk Southern Rutherford Railyard.

The Tennessee property is located near multiple highways, with half of the U.S. population living within 650 miles or a one-day trucking distance, it added.

"EQRT is investing in America's supply chain and will continue to focus on acquiring industrial real estate that supports the growth ambitions of our commercial tenants, which include major distributors and manufacturers," said EQRT portfolio manager Ali Houshmand.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 19, 2024 08:52 ET (12:52 GMT)

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