EQT Exeter REIT Buys Austin Industrial Asset for $61M

EQT Exeter Real Estate Income Trust Inc. has paid $60.9 million for a 449,642-square-foot industrial asset at 110 SE Inner Loop in Georgetown, Texas. The previous owner was Portman Holdings, according to CommercialEdge information.

For this first acquisition, EQRT used the proceeds from the sale of 6.2 million of Class E units of its operating partnership to EQT Exeter Holdings US.

Portman developed the property with funds from a $44.6 million construction loan originated by First National Bank of Omaha in August 2022, the same source shows.

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Completed last year, the facility is fully leased to GAF Energy, a solar roofing manufacturer which opened its second factory there in November. The building features 106 doors, 36-foot ceiling heights, 123 trailer stalls and more than 500 car parking spaces.

The 54-acre property is some 2 miles from downtown Georgetown and less than 26 miles from downtown Austin. Austin-Bergstrom International Airport is within 36 miles south. The facility is also some 5 miles from Berry Creek Business Park, an industrial campus developed by Fidelis Industrial and Transwestern Investment Group.

Exeter Property Group is the REIT’s external advisor. EQRT plans to invest about 80 percent in commercial assets, including industrial of life science properties, and 20 percent in multifamily or self-storage developments.

EQT Exeter’s recent industrial deals

EQT Exeter resulted from the 2021 merger of Exeter Property Group with Sweden-based EQT AB. The firm now owns and operates more than 2,000 properties totaling 375 million square feet.

In October, EQT paid $106 million for a two-building, 1 million-square-foot park in Fort Mill, S.C. Rockefeller Group sold the asset.

A few months earlier, the firm purchased a 1.2 million-square-foot campus in Savannah, Ga., for $120.4 million. The property was fully leased at the time of sale.