➤ Key Highlights

• EQT Real Estate closed a $550M balance-sheet loan backed by a 15-asset U.S. logistics portfolio.

• BMO led the financing with a $200M commitment; BBVA and Société Générale participated.

• Portfolio totals ~8M SF, ~90% leased, with an average 4.9-year WALT.

• Assets span growth logistics markets including South Florida, DFW, Columbus, Indianapolis, and Jacksonville.

• Debt structure is five-year interest-only, signaling selective bank appetite for scale-stable industrial portfolios.

Institutional banks are quietly re-opening their balance sheets for industrial — but only for portfolios with scale, stability, and modern tenancy profiles. EQT’s $550M loan is the clearest evidence that logistics, even in a normalized market, continues to attract top-tier bank capital.

⚠️ Why it matters now

The deal breaks from the current trend of banks being conservative on CRE exposure.

Three implications:

1. Banks are willing to lend again — but only to institutional-grade sponsors with strong credit.
   Mid-tier operators should not interpret this as broad liquidity returning.

2. Industrial remains the safest CRE asset class from a lender’s perspective.
   High WALT, strong occupancy, and diversified tenant pools are outperforming every other sector.

3. Balance-sheet execution is back in play.
   This structure avoids CMBS and signals banks prefer relationship-driven, lower-friction underwriting for proven sponsors.

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WHAT’S NEXT

Expect a bifurcation:

• Tier-1 sponsors with scale portfolios will increasingly get access to bank debt again, especially in logistics.

• Everyone else will continue facing expensive private credit, tighter covenants, and stricter DSCR sensitivities.

• More large-portfolio recapitalizations could follow as sponsors take advantage of easing bank sentiment ahead of 2026.

➤ TAKEAWAY

For operators and investors:
Bank liquidity is returning — but not for you unless you have scale, discipline, and stable industrial cash flow.
This isn’t a market reopening. It’s selective capital allocation to the safest institutional players.

Use this as a directional indicator, not a template.