Exeter Set to Finalize $3B Ind. Sale
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Exeter acquired Mesquite Business Center in 2011.
PLYMOUTH MEETING, PA—Locally based Exeter Property Group is about to sell 55 million square feet of US industrial space to a partnership of Abu Dhabi Investment Authority and PSP Investments, according to published reports. Colliers International first noted the approximately $3-billion deal was in the works in its second-quarter industrial report this past September. GlobeSt.com’s requests for comment to Exeter and PSP were not returned by deadline Friday afternoon.
Exeter amassed the portfolio between 2007 and 2014, deploying capital mainly from its Exeter Industrial Value Funds I and II, CoStar Group reported Friday. PERE said Friday that following the closing of the sale, which is expected to occur next week, the properties will be rolled over into a new core vehicle which Exeter will continue to manage. Exeter will maintain an interest in the properties, although the portfolio will primarily be controlled by ADIA and Montreal-based PSP…
