ING Capital LLC has provided a fully underwritten $268 million acquisition facility to EQT Real Estate’s Core Plus Fund IV, financing the purchase of an 11-property, 2.8 million-square-foot logistics portfolio spread across six high-growth U.S. industrial markets, the bank announced July 23. The financing is the latest sign that institutional capital continues to flow into warehouse real estate even as broader commercial lending remains selective.
The deal deepens what ING describes as a growing transatlantic relationship with EQT Real Estate, the real estate arm of Swedish investment firm EQT. ING said the facility builds on financing it has previously arranged for the sponsor in both the U.S. and Europe, positioning the bank as a go-to lender for EQT’s industrial acquisition strategy.
A fully leased, modern portfolio
The 11 assets acquired with the ING facility are fully leased, with an average construction year of 2014, average clear heights of 33 feet and roughly 22 dock-high doors per property, according to ING. The portfolio carries a weighted average remaining lease term of seven years.
By property type, the portfolio splits into 63% bulk distribution space, 26% light industrial and 11% last-mile distribution assets, ING said. Tenants operate across food and beverage, packaging, bulk transportation, e-commerce and aviation sectors. Commercial Property Executive’s CommercialSearch reported that the 11 buildings break down as seven bulk distribution properties, three light industrial assets and one last-mile facility, and identified one of the properties as 3392 Mike Daley Drive in San Bernardino, California.
Neither ING nor EQT Real Estate disclosed the facility’s interest rate, maturity or other loan covenants in the announcement.
EQT Real Estate’s industrial push
The acquisition adds to a run of industrial activity for EQT Real Estate, which closed its Industrial Core Plus Fund IV at $3 billion in late 2022 and has continued to build out its U.S. logistics footprint through both purchases and dispositions this year. The firm manages roughly $59 billion in assets globally, according to CommercialSearch.
“This transaction reflects the creative, flexible financing solutions our real estate team is able to bring to sponsors navigating complex acquisitions,” said Craig Bender of ING, in the company’s announcement.
“ING has become a trusted partner in the US and Europe. Their team was able to move with the speed and flexibility we needed,” said Brian Ford of EQT Real Estate.
The industrial lending backdrop
Warehouse and distribution properties have remained one of the more resilient corners of commercial real estate lending, as banks and alternative lenders continue underwriting well-leased, modern logistics assets even where office and other property types face tighter capital access. A fully underwritten $268 million facility for a single portfolio acquisition signals that lenders like ING see durable demand in last-mile and bulk distribution space tied to e-commerce and supply-chain tenants.
What it means
Verified facts: ING provided a $268 million fully underwritten acquisition facility; the financing supports EQT Real Estate’s Core Plus Fund IV purchase of 11 logistics properties totaling 2.8 million square feet across six U.S. markets; the portfolio is fully leased with a seven-year weighted average lease term.
Attributed interpretation: ING and EQT Real Estate both characterize the deal as an extension of an established lending relationship rather than a one-off transaction, per their public statements.
RealtyWire analysis: the size and full underwriting of the facility suggest lenders remain comfortable financing large, diversified industrial portfolios with strong occupancy, even as they grow more selective elsewhere in commercial real estate.
What to watch
Watch for whether EQT Real Estate discloses the specific markets and remaining property addresses in the portfolio, and whether ING extends additional acquisition facilities to EQT as the sponsor continues expanding its U.S. and European logistics holdings. Broader industrial financing volumes in the second half of 2026 will also help clarify whether this deal reflects a wider lending trend or a bank-specific relationship. For more coverage of industrial and logistics real estate financing, visit RealtyWire.
