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    EQT   SE0012853455

EQT AB (PUBL)

(EQT)
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Real-time Estimate Cboe Europe  -  11:30 2022-07-05 am EDT
209.10 SEK   -0.24%
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EQT Exeter to Acquire Portfolio of Six Purpose-Built Student Accommodation Assets in the UK

05/17/2022 | 02:00am EDT

EQT announced that the EQT Real Estate II fund ("EQT Exeter") has agreed to acquire six student accommodation assets in two separate transactions from subsidiaries of Watkin Jones PLC and Tide Construction. The transactions amount to 2,313 beds, 1,254 of which are currently operating with a further 1,059 beds that will be developed by Watkin Jones and delivered during 2023 and 2024. From Watkin Jones, EQT Exeter has agreed to acquire five assets with a total of 2,063 beds in Bath, Nottingham, Swansea, Bristol and Glasgow, top-tier university cities with severe supply shortages of student accommodation. Watkin Jones is the UK's leading developer of student housing, having delivered 123 developments with 46,000 beds since 1999. In line with EQT Exeter and Watkin Jones' high ESG standards, the three development assets are set to achieve BREEAM Excellent with the operating assets having already achieved BREEAM Very Good. Upon completion, Watkin Jones' in-house operator, Fresh, will manage the five schemes on behalf of EQT Exeter. Covering 32 cities in the UK and Ireland with over 22,000 beds under management, Fresh has a proven ability to provide the full suite of services ranging from pre-opening advisory through to day-to-day management of the delivered projects. From Tide Construction, EQT Exeter has agreed to acquire 250 beds in an operating asset known as Great Court, located in South Bermondsey, London, which is within close commute to all of the top-tier London universities and easy access to South Bermondsey rail station and Bermondsey tube station. It provides a high-specification offering to students including 24/7 reception, gym, study space, courtyard, cinema and lounge. The development was built with excellent sustainability credentials, achieving BREEAM Excellent and EPC A. The asset will be operated by CRM, an award-winning operator in the UK and EU with approximately 25,000 beds under management and a history dating back to 2003. Under CRM's management, the asset achieved full occupancy when it opened in 2021. UK student housing benefits from demographic-driven tailwinds with the 2020/21 academic year seeing its highest ever intake of first-year students on record. Coupled with a dwindling supply pipeline and an increasing obsolescence of older stock, UK students are expected to face increasing housing pressure. Despite global uncertainty, Brexit and the Covid pandemic, the number of international students in the UK continues to rise, largely driven by increasing demand from students who continue to seek entry to best-in-class universities that the UK has to offer. Yet, the new construction pipeline has declined significantly in recent years due predominantly to rising construction costs, restrictive planning policies, affordable housing requirements and competing land use. These six purpose-built assets are important cornerstone investments as EQT Exeter seeks to aggregate a large portfolio of student housing assets across Europe with high-quality, high value-for-money offerings for students who are underserved by the wider residential market. EQT Exeter sees significant growth potential across the European student housing sector and has a significant pipeline of additional acquisition opportunities in markets with acute demand /supply imbalances and compelling demographic profiles.


© S&P Capital IQ 2022
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Analyst Recommendations on EQT AB (PUBL)
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Financials
Sales 2021 1 461 M 1 524 M 1 524 M
Net income 2021 796 M 830 M 830 M
Net cash 2021 628 M 655 M 655 M
P/E ratio 2021 24,1x
Yield 2021 1,95%
Capitalization 19 327 M 20 156 M 20 156 M
EV / Sales 2021 12,8x
EV / Sales 2022 11,2x
Nbr of Employees 1 059
Free-Float 37,6%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 19,42 €
Average target price 38,02 €
Spread / Average Target 95,8%
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Managers and Directors
Christian Otto Sinding Chief Executive Officer & Managing Partner
Kim Henriksson Chief Financial Officer
Yngve Conni Jonsson Director
Caspar Mats Andreas Callerström Chief Operating Officer & Deputy CEO
Gordon Robert Halyburton Orr Independent Director
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