Swedish private equity firm EQT buys investment manager Exeter

[STOCKHOLM] Sweden's EQT said on Tuesday it had signed a deal to buy global real estate investment manager Exeter Property Group for US$1.87 billion as the buyout group reported growth in net income for 2020.

Exeter, which is majority-owned by Ward Fitzgerald and other of Exeter's management team, has more than US$10 billion of assets under management, EQT said in a statement.

"We are excited to accelerate our strategy of building a globally-scaled real estate platform and diversifying the firm within private markets by joining forces with Exeter," EQT Chief Executive Christian Sinding said in a statement.

Exeter is focused on acquiring, developing and managing logistical, industrial, life science, office and residential properties across mainly the United States and Europe.

The consideration for the acquisition consists of US$800 million in new EQT shares and US$1.07 billion in cash.

EQT also reported a net profit for the year of 283 million euros (S$455.48 million) compared to a year-ago 149 million, beating a mean forecast of 230 million in a Refinitiv poll of analysts.

Its board proposed a dividend of 2.40 Swedish crowns per share which will be paid in two instalments of 1.20 crowns in June 2021 and 1.20 crowns in December 2021.

EQT said it had grown assets under management by 46 per cent to 52.5 billion euros, a record year for the firm in terms of fund raising.

REUTERS

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