Americold Realty Trust has formed a new joint venture with EQT’s Active Core Infrastructure fund focused on the ownership, operation and potential development of high-quality cold storage warehouse facilities in North America.
Americold has agreed to contribute to the joint venture 12 cold storage facilities with a combined value of more than $1.3 billion. The facilities are located across the United States and offer approximately 124 million cubic feet of temperature-controlled capacity, with more than 400,000 pallet positions, making the joint venture one of the largest operators of cold storage facilities in North America on a standalone basis.
EQT will take a 70 percent interest in the joint venture, while Americold will retain a 30 percent equity interest and serve as day-to-day manager of the platform. Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which the REIT plans to use to repay outstanding debt.
