EQT sold off a 25-property, 13-market industrial portfolio in what it says is the largest U.S. industrial transaction of 2025.

The world’s second-largest private equity firm sold the 8.7M SF portfolio through its EQT Real Estate Industrial Core-Plus Fund II, according to a press release. The price was not disclosed.

The institutional-grade logistics assets were primarily developed after 2000 across markets including Atlanta, Chicago, New York, Phoenix and Texas.

“Our team identified an opportunity to assemble a portfolio with strong fundamentals and significant future upside, seeing it through from acquisition to stabilization,” Matthew Brodnik, global chief investment officer for EQT Real Estate, said in a statement.

EQT Real Estate’s strategy is to assemble and scale a logistics platform of modern assets near key infrastructure in high-growth, supply-constrained markets. EQT stated the sale reflects investor appetite for stabilized logistics properties with long-term demand drivers.

EQT Real Estate was advised by John Huguenard, Trent Agnew and William McCormack of JLL.

EQT has also been in acquisition mode with a plan to invest more than $250B in the U.S. over the next five years. That will be an increase compared to how much EQT has previously invested in the U.S., CEO Per Franzén said.

The company in January ended its U.S. multifamily fund initiative and hit the brakes on life sciences and office investments to focus on industrial activity.

Last month, EQT, through two separate funds, acquired an 11-building, 4.8M SF logistics portfolio across Pennsylvania, Texas, South Carolina, Florida and Indiana.

Industrial supply deliveries have dropped off in recent quarters. There were 63.6M SF delivered in the third quarter, which is down 32.5% from a year earlier. The vacancy rate came in at 7.1% nationally.

“Logistics continues to be one of the most compelling real estate subsectors globally,” Brodnik said in a statement last month.