In 1989, one of Europe’s great industrial families, the Wallenbergs, sent a young Swedish executive called Conni Jonsson to the US to see how Wall Street worked.
Now EQT Partners, the group he co-founded with the Wallenbergs’ backing, has minted at least half a dozen billionaires, manages more than €230bn in assets, and in February raised €22bn for its latest flagship private equity fund, one of the largest buyout funds of all time.
“Nobody could have seen exactly how big this would become,” said Marcus Wallenberg, who together with other family members is the public face of the Swedish dynasty.
EQT said it has bought Mabtech, a provider of antibody tools and kits used predominantly for vaccine, infectious diseases, and oncology research, from IK Partners. The company will support Sweden-based Mabtech as it expands its product portfolio and reach, especially in the U.S.
Although EQT Exeter is best known as an industrial real estate manager, it intends to build up the other two legs of what Fitzgerald calls its ‘three-legged tripod.’ As of June 30, the firm was 90 percent allocated to industrial, 3 percent to multifamily, 2 percent to office and life sciences and 5 percent to other sectors, according to EQT’s half-year 2022 report. Over time, Fitzgerald sees that allocation shifting to 40 percent industrial, 40 percent multifamily and 20 percent office and life sciences.
EQT Healthcare Growth will support Mabtech as it expands its product portfolio and reach, especially in the US
EQT is happy to announce that it is joining two leading partnerships: the World Economic Forum Alliance of CEO Climate Leaders, the largest CEO-led climate alliance in the world, and the Global Impact Investing Network Investors’ Council, a platform for impact investors looking to maximize impact through collaboration.
EQT Exeter REIT acquired the Pennsylvania and Tennessee properties with proceeds from the sale of $91.2 million of units of its operating partnership to EQT Exeter Holdings US, an affiliate of EQT Exeter REIT’s sponsor, in addition to proceeds from debt financings.
New York Life provided an $85.25 million loan for the Middletown property, according to the SEC filing. For the Nashville-area property, State Farm provided a loan for borrowings of up to $109.6 million.
Not In My Backyard
The firm’s president of North America believes NIMBYism will cause development to stall and rents to rise in the popular sector.
Henry Steinberg, the President of North America for EQT Exeter, recently discussed the growing backlash against warehouse developments. He noted that while industrial properties remain highly sought after, there’s increasing resistance from local governments and communities. This opposition, often referred to as NIMBYism (Not In My Backyard), is causing delays in development and potentially driving up rents in the sector12.
Steinberg emphasized the need for developers to be more strategic in site selection and to anticipate longer development timelines due to these challenges
Hey we are just trying to conect the dots people....Disclaimer