Debevoise & Plimpton LLP has advised EQT in the formation of EQT Real Estate I (“the fund”), a €420 million European real estate fund. The fund, which has now reached final close, is the first real estate fund from EQT. It will invest in value-add real estate assets with a focus on repositioning high-yielding properties, predominantly in the office sector, in gateway cities in western Europe.
The investments will typically range between €50 million and €200 million. It is backed by a global investor base, and also received strong backing from Investor AB, EQT Partners and its affiliates.
Around 35% of the fund’s total commitments have already been invested in four assets. These include Rue Lauriston in central Paris, Smart Parc in western Paris, Technologiepark Köln in Cologne, and Täby Terass in the Stockholm area.
EQT is a leading alternative investments firm with approximately €36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than €19 billion and approximately 110,000 employees.
The Debevoise team was led by London partner Sally Gibson and New York partner Erica Berthou, and included associates Sally Bergmann, Linda Dahl and Amrit Sagoo. Tax advice was provided by New York partner Peter F. G. Schuur and London partner Richard Ward, as well as associates Michael J. Milazzo and Ceinwen Rees.
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