Infrastructure traditionally has been associated with physical assets such as roads, bridges, airports, power grids and water systems — foundational systems that support the functioning of society and the economy. However, during the past decade, the definition of infrastructure has expanded to include sectors that may not appear as conventional hard assets but are essential to modern economic activity. Examples include digital infrastructure such as data centers, renewable-energy generation and distributed logistics networks.

One of the most rapidly emerging subsectors in this expanding infrastructure universe is cold storage. Historically viewed as a niche segment of industrial real estate, cold storage is now attracting the attention of institutional investors, sovereign wealth funds and infrastructure managers. This evolution is driven by structural shifts in food supply chains, pharmaceuticals and ecommerce — all of which require robust and reliable temperature-contr