Cold storage REIT acquires fourth-largest temperature-controlled warehouse group

Americold Realty Trust, a publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, has agreed to acquire privately held Agro Merchants Group.

The seller was an investor group led by funds managed by Oaktree Capital Management, and the sales price is $1.74 billion.

Agro is the fourth-largest temperature-controlled warehouse company globally, the third-largest in Europe, and the fourth-largest in the United States, and serves more than 2,900 customers across a diverse spectrum of commodities.

The Agro portfolio has 26 facilities in Europe totaling 111 million refrigerated cubic feet, located in Austria, Ireland, the Netherlands, Poland, Portugal, Spain and the United Kingdom. The portfolio has 17 facilities in the United States, totaling 115 million refrigerated cubic feet in California, New Jersey and six southeastern states. Agro also has two facilities in Brisbane, Australia, and a 65 percent in