Investors Ares and Kennedy Wilson are back in the frame to snap up EQT ‘s industrial and logistics portfolio, with the two underbidders reemerging after U.S. investor Baupost pulled out, Green Street News reported.

Baupost had been granted exclusivity to acquire the assets, but the deal fell apart following a significant lowering of the offer from the hedge fund, which vendor EQT rebuffed.

EQT Real Estate put its portfolio up for sale last year, with Eastdil Secured and JLL mandated to sell the properties, managed by EQT on behalf of Singapore’s sovereign wealth fund, GIC. It was acquired in 2020 from Morgan Stanley Investment Management, and there are 32 assets in all, totalling around 1.3M SF, including units in Greenogue Business Park and Baldonnell Business Park, with an annual rent roll of circa €13M.

Working with partner Palm Capital, Baupost had secured exclusivity to acquire the collection in January, with the agreed price in excess of €215M. However, Green Street reported that sales discussions with two underbidders — Ares Management and Kennedy Wilson — were reignited following Baupost’s exit, with the portfolio expected to go under offer again in the coming weeks.

All parties declined to comment.

The news comes after Irish industrial real estate saw a surge in prospective deals at the end of 2025. Along with EQT, Henderson Park, Relm Finance and Iput Real Estate also have major portfolios and assets for sale, with the latter pushing ahead with its own huge development, primed to spur more than €800M of industrial and logistics space changing hands.

GIC, working with operating partner Valor Real Estate, is in exclusive talks to buy Horizon Logistics Park, a €550M logistics portfolio owned by Henderson Park, which was prepared initially for a sale or recapitalisation, with Eastdil Secured and JLL mandated on the process.

In January, UK urban logistics property developer and asset manager Chancerygate completed the purchase for more than €60M of The North Gate portfolio, a collection of 12 properties distributed across a total gross external area of 342K SF at Furry Park Industrial Estate and North Dublin Corporate Park.

Following this latest deal, Chancerygate, which has an office in Dublin, now manages nearly €800M of investment assets in the UK and Europe. Chancerygate is also speculatively developing a €45M, 121K SF Grade A urban logistics park at Santry in north Dublin called Airport Trade Park.

Earlier this year, Iput Real Estate pledged €115M in capital and its logistics land bank to the subfund Iput Nexus Logistics Fund, combined with an equity investment of €115M from CBRE Investment Management’s Indirect Private Real Estate Strategies and the Ireland Strategic Investment Fund.

Elsewhere, terms have been agreed on the €30M The Arc portfolio, an 11-unit industrial portfolio on the market through Harvey, after alternate lender Relm Finance appointed receiver Interpath Advisory over 27 assets owned by a subfund of Mel Sutcliffe’s Goldstein Property ICAV.