EQT UK industrial portfolio securitised via £281.8m CMBS by Morgan Stanley

Morgan Stanley originated a £281.8 million CRE loan backed by EQT Real Estate's 20-property UK and Ireland logistics portfolio and packaged it as the second European CMBS of 2026. The UK properties, valued at £417.5 million by Savills Advisory Services, span Thrapston, Banbury, and Wednesbury, among other locations, and are let to institutional-grade tenants on an average 8.2-year lease term. EQT Real Estate was created through EQT AB's acquisition of Exeter Property Group in 2021 and manages approximately $58 billion in assets. The portfolio's anchor assets include Primark's 787,500 sq ft hub in Thrapston, Northamptonshire, and Great Bear's 335,141 sq ft hub in Banbury, Oxfordshire. The loan is structured with a day-one LTV of 67.5% based on the combined UK and Irish portfolio value of £442 million. Facility A (£183.6m) and Facility B1 (£98.2m) are securitised, while a separate Irish facility B2 (£16.6m) is not part of the CMBS.