Los Angeles and New York – March 28, 2024 – Rexford Industrial Realty, Inc. (“Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California, and Blackstone (NYSE: BX), today announced Rexford Industrial acquired approximately 3 million square feet of industrial properties pursuant to separate transactions with Blackstone Real Estate, including the Blackstone Property Partners strategy as well as Blackstone Real Estate Partners and Blackstone Real Estate Income Trust, for an aggregate purchase price of $1.0 billion.

The combined portfolio comprises 48 properties, totaling 3,008,000 square feet, acquired for $1.0 billion or $332 per square foot on average. The combined portfolio is 98% leased, with 99% of the property square footage located within core, infill submarkets in Los Angeles and Orange counties. In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial’s recent exchangeable senior note offerings and cash on hand.

“These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial. “With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300 million of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4 billion of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield.”

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “These transactions represent an excellent outcome for our investors and demonstrate the strong institutional demand for high-quality assets in attractive markets like Southern California, where we own over 50 million square feet of warehouses. Logistics continues to experience near record low vacancy and remains a high conviction theme for Blackstone Real Estate globally; we are proud owners of $175 billion of warehouses around the world. Along with our portfolio company Link Logistics, we are pleased to work with Rexford on these transactions, who will be an excellent steward of these properties going forward.”

About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world’s fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. Rexford Industrial’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 422 properties with approximately 49.1 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $337 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “confident,” “conviction,” or other similar words or the negatives thereof.  These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Rexford Industrial and BREIT believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Rexford Industrial’s and BREIT’s respective prospectus and annual report for the most recent fiscal year, and any such updated factors included in Rexford Industrial’s and BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein (or in Rexford Industrial’s and BREIT’s public filings). Except as otherwise required by federal securities laws, each of Rexford Industrial and BREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contacts:

Rexford Industrial
investorrelations@rexfordindustrial.com

Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

EQT Exeter Real Estate Income Trust, Inc. (“EQRT”) today announced its first acquisition, purchasing 110 Southeast Inner Loop Road in Georgetown, Texas for $60.9 million. EQRT acquired the property with proceeds from the sale of 6.22 million Class E units of its operating partnership to EQT Exeter Holdings US, Inc., an affiliate of EQRT’s sponsor.

The 449,642 square-foot property is fully occupied by GAF Energy LLC (“GAF Energy”), a leading producer of solar roofing, on a long-term lease. The newly built, cutting-edge warehouse was completed in 2023 and features 106 doors, a 36-foot-tall ceiling, 123 trailer parking spaces, and more than 500 total parking spaces. As GAF Energy noted when announcing the completion of construction, the increased capacity and production enabled by this new manufacturing and distribution facility will make GAF Energy one of the largest producers of solar roofing in the world.

“This property is strategically located in a key regional distribution center just outside Austin, TX. The location offers access to large and diverse markets with a highly educated and skilled workforce, and GAF Energy intends to employ over 240 people at this facility,” said Ali Houshmand, EQRT Portfolio Manager. “The EQRT investment strategy seeks to acquire primarily stabilized, income-oriented commercial real estate in the industrial sector across the United States. This transaction reaffirms our commitment to that strategy.”

EQT Exeter CEO Ward Fitzgerald said, “We are thrilled to complete EQRT’s first acquisition. Given the current interest rate environment and consequent attractive property valuations, we are pursuing a number of similar deals. We look forward to continuing to make well-timed, strategic acquisitions across key submarkets in the U.S., capitalizing on our fresh start and lack of the legacy issues seen in our industry right now.”

EQRT is externally advised by Exeter Property Group, LLC (“EQT Exeter”), the real estate division of EQT AB, a purpose-driven global investment organization. EQRT focuses on properties that can leverage EQT Exeter’s scale and long-standing direct leasing relationships with Fortune 1000 companies. EQRT will generally seek to invest approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties.

For media inquiries:
press@eqtpartners.com

For all other inquiries:
pwm@eqtpartners.com

About EQT Exeter Real Estate Income Trust
EQT Exeter Real Estate Income Trust (“EQRT”) is an externally managed non-traded perpetual life REIT, which is designed to provide investors access to a global, vertically integrated real estate platform. Combining EQT Exeter’s heritage as a pioneer in the logistics industry and belief in the importance of innovation, EQRT will target real estate critical to the functioning of America’s supply chain and its ongoing leadership in research and development-driven sectors, including life sciences, healthcare and information technology.

Forward-Looking Statements Disclosure
Statements contained in this press release that are not historical facts are based on EQRT’s current expectations, estimates, projections, opinions or beliefs and speak only as of the date hereof. Such statements are not facts and involve known and unknown risks, uncertainties, and other factors. You should not rely on these forward-looking statements as if they were fact. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” “forecast,” or “believe” or the negatives thereof or other variations thereon or other comparable terminology. Actual events or results or EQRT’s actual performance may differ materially from those reflected or contemplated in such forward-looking statements as a result of various risks and uncertainties including those relating to future economic, competitive and market conditions and future business decisions by EQRT. No representation or warranty is made as to future performance or such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by EQRT or any other person that EQRT’s objectives and plans, which EQRT considers to be reasonable, will be achieved.

Except as otherwise required by federal securities laws, EQRT does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

The building, designed in 1928 by architect Carlo Broggi and the former headquarters of IRI and Fintecna, has undergone a major redevelopment creating a state-of-the-art building for the city of Rome which meets the highest international standards, both in terms of technology and ESG characteristics.
• The building is Deloitte’s Rome headquarters, and brings together 2,600 people who used to occupy several offices across the city. Amazon also chose the property in via Veneto for its headquarters.

CapMan Social Real Estate Fund acquires office and educational property Porcelænshaven, in Copenhagen, Denmark

CapMan Social Real Estate (CMSRE) acquires a historical office and educational property, currently fully let to Copenhagen Business School (CBS), and situated in Frederiksberg, Copenhagen, Denmark. This is the second investment for the recently established CMSRE fund which made its first investment in central Helsinki earlier this year. The investment executes on the funds strategy to build a well-diversified portfolio of social real estate properties across the Nordics.

The property is well located in Frederiksberg, right next to the Frederiksberg Gardens and close to central Copenhagen. It consists of 19,300 m² of lettable office and educational space set in historical buildings originally built in 1882 with later additions. The buildings used to function as a porcelain factory and have since been converted into offices, classrooms, and lecture halls, preserving the original characteristics of the buildings.

The property is fully let out to its’ sole tenant the Copenhagen Business School (CBS) and has been part of the schools’ campus area since 2005. CBS is one of the largest business schools in Europe with more than 22,000 students and 1,500 employees. The asset also includes 325 underground parking spaces, all of which are leased to CBS.

CapMan Real Estate will perform accessibility improvements as well as energy efficiency improvements in alignment with the CRREM energy reduction pathway in the buildings. It also plans to pursue EU taxonomy alignment (climate change mitigation) and DGNB In-Use certification for the asset. The property currently holds energy performance certificate A (2010).

“We are glad to acquire this property which marks the second investment for the CMSRE fund and expands its portfolio in the Nordics. Porcelænshaven is a special property in a unique location and therefore it represents the type of asset we are looking for in this fund. We look forward to developing the asset to support the needs of the students, teachers and personnel at CBS”, shares Peter Gill, Partner and Head of CapMan Real Estate Denmark.

This is the second investment for CMSRE which continues fundraising, targeting EUR 500 million of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years. The recently established fund invests in properties that are used for providing essential public services across multiple sectors. It is looking to build a well-diversified portfolio of social real estate properties across Sweden, Finland, Denmark and Norway.

CMSRE is classified as an Article 8 financial product under the Sustainable Finance Disclosure Regulation (EU). The fund is a German special investment fund. HANSAINVEST Hanseatische Investment-Gesellschaft mbH acts as the alternative investment fund manager (“AIFM) of the fund. CapMan Real Estate acts as advisor for the fund.

The real estate assets managed by CapMan Real Estate currently amount to approximately EUR 4.2 billion. The real estate investment team employs around 80 real estate investment professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For further information, please contact:

Peter Gill, Partner and Head of CapMan Real Estate Denmark, +45 20 43 55 63

Robert Feldt, Investment Director, CapMan Real Estate, +45 50 51 88 41

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.  

CapMan Real Estate acquires Seminaari school, located in central Hämeenlinna, Finland

The CapMan Nordic Real Estate III fund (CMNRE III) acquires the Kauriala buildings and a plot belonging to the Seminaari school located in Hämeenlinna, Finland, from the University Properties of Finland. The Seminaari school is located in the Kauriala neighbourhood of Hämeenlinna, and it is the largest primary school in Hämeenlinna with approximately 750 pupils. The entire property is under a long-term lease to the City of Hämeenlinna. This investment supports the fund’s strategy very well due to its central location and long-term lease. Amongst other things CapMan Real Estate plans to renovate one of the buildings and improve the energy efficiency and accessibility of the other buildings.

The Seminaari school property in Kauriala consists of eight buildings, all built at different times between 1930 and 1984. The property is leased by the City of Hämeenlinna under a long-term lease. Hämeenlinna is a city of 68,000 inhabitants and in the middle of the main highway from Helsinki to Tampere at c.1 hour drive away from both cities. Most of the buildings have undergone renovations in recent years. One building, originally completed in 1953, is currently undergoing a thorough renovation, which has been agreed upon with the City of Hämeenlinna. CapMan Real Estate will finalise this renovation as well as other already agreed upon investments and repairs. In addition, CapMan Real Estate is planning energy-saving investments, aiming to improve the properties energy class, as well as accessibility related improvement measures. As a result of these improvements CapMan Real Estate will apply for BREEAM In-Use environmental classification of the properties, targeting at least level Very Good.

Attached to the property and as part of the acquired asset is also an unbuilt plot, designated for residential use in the master plan. CapMan Real Estate has agreed with the City of Hämeenlinna to discuss development opportunities for the plot supporting the development of the surrounding area, during this spring.

“We are very pleased with this investment, which fits our fund’s investment strategy well. As the largest primary school in Hämeenlinna and due to its central location, the Seminaari school is a strategically important asset for the city. Our goal is to further develop the property for school use together with the City of Hämeenlinna, in order for the property to serve students and teachers in the area far into the future, something which the long lease agreement provides good basis for,” comments Aleksi Konsti, Investment Director at CapMan Real Estate.

“We are pleased to start this cooperation with CapMan Real Estate. For us it is important to have a good partner taking care of the very good condition of the building related to the services we provide as a city,” says Tarja Majuri, Director of Urban Structure at the city of Hämeenlinna.

”It’s wonderful, that the City of Hämeenlinna gets an active owner as its new landlord. The Seminaari school was no longer in the core of the University Properties of Finland’s real estate strategy which is why we decided to sell the asset. We are pleased that the school will now become part of CapMan Real Estate’s portfolio”, says Sanna Sianoja, CEO at University Properties of Finland.

The investment is the fourteenth of the CapMan Nordic Real Estate III fund, which invests in the Nordic countries. The real estate assets managed by CapMan Real Estate currently amount to approximately EUR 4.2 billion. The real estate investment team employs more than 70 real estate investment professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.

For further information, please contact:

Aleksi Konsti, Investment Director, CapMan Real Estate, +358 400 815 123

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.