Wednesday, December 16, 2015

Exeter Property selling portfolio in $3B deal

Natalie Kostelni, Reporter, Philadelphia Business Journal
Exeter Property a Plymouth Meeting, Pa., real estate firm, is poised to sell its industrial portfolio in a deal valued at $3 billion.
The transaction, first reported in PERE newsletter, is scheduled to close next week. The buyer for the firm’s 55 million square feet of industrial space is Abu Dhabi Investment Authority and PSP Investments.
The properties were acquired with the first two funds that Exeter raised. The company deployed that money to buy more than $2.6 billion in properties between 2007 and 2014.

The report from PERE said that the transaction involves the properties to “be rolled over into a new core vehicle that will continue to be managed by Exeter. The firm will maintain a small stake in the assets but the vast majority of the interest will be held by ADIA and PSP. The core vehicle, however, will be unrelated to Exeter’s second industrial core fund, Exeter Core Industrial Club Fund II, which the firm is currently marketing.”

Ward Fitzgerald, president and chief executive of Exeter, declined to comment on the report.
The deal ranks among some other mega industrial transactions completed this year and is one of the biggest involving a Philadelphia area real estate firm. Among the other mega industrial portfolios that traded this year involved Blackstone Group completing an $8 billion sale, Prologis in a $5.9 billion acquisition and Industrial Income Trust selling its properties for 4.5 billion.

Full story: http://www.bizjournals.com/philadelphia/morning_roundup/2015/12/exeter-porperty-group-plymouth-meeting-cre-sale.html

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