STOCKHOLM AND SAN FRANCISCO — Swedish private markets firm EQT AB has announced plans to acquire real estate investment manager Stockbridge for $375 million in cash with total deal value reaching up to $550 million.
Under the deal, Stockbridge, which was founded in 2003, will become part of EQT Real Estate. Stockbridge has approximately 185 employees across six U.S. offices, with around 180 institutional clients.
Headquartered in San Francisco, Stockbridge currently boasts a portfolio of roughly $16.5 billion in fee-generating assets under management and a total gross asset value of $27 billion in assets under management. The company’s commercial real estate portfolio spans 92.9 million square feet and nearly 20,000 residential units.
Upon closing of the transaction, Stockbridge’s diversified strategies and alternative sectors business will operate as a dedicated line under EQT Real Estate, and industrial capabilities will be integrated into EQT Real Estate’s existing industrial platform.
Existing leadership and teams at Stockbridge will largely remain in place, according to EQT. Terry Fancher, CEO of Stockbridge, will become vice chair of EQT Real Estate, with Stockbridge CFO Kristin Renaudin transitioning to global CFO of EQT Real Estate. Tuba Malinowski, executive managing director at Stockbridge, will become head of U.S. diversified real estate at EQT Real Estate.
“We bring EQT’s international platform, global market intelligence and our proprietary data and AI capabilities and tools to enhance how Stockbridge sources, underwrites and manages assets,” says Henry Steinberg, global head of EQT Real Estate. “We hope to sharpen both firms’ investment frameworks to further cement our position as a leading investor and operator.”
EQT may pay an additional $175 million between 2027 and 2030, dependent upon the performance of Stockbridge following the acquisition. The transaction is expected to close in the first quarter of 2027.
— Hayden Spiess