Americold Realty Trust buys Nova Cold Logistics for $254m

Americold Realty Trust, a publicly traded REIT, has entered into a definitive agreement to acquire Nova Cold Logistics based in Canada, for C$337 million ($252 million) from Brookfield Business Partners.

“These accretive acquisitions enhance the company’s position as a leading global owner and operator of temperature-controlled infrastructure, while expanding relationships with existing high-quality customers and providing access to new regional and local customers,” said Fred Boehler, president and CEO of Americold.

The Nova Cold portfolio consists of three locations totaling 23.5 million cubic feet with approximately 81,000 pallet positions, and additional acreage for future expansions, located in the gateway cities of Toronto, Calgary and Halifax.

The closing of the acquisition is subject to customary closing conditions and is expected to occur in the first quarter of 2020.

Americold Realty Trust focuses on the ownership, operation and developmen