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Americold Realty Trust Acquires Agro Merchants Group for $1.7B
Atlanta-based REIT Americold Realty Trust has entered into a $1.74 billion agreement to acquire Agro Merchants Group, the fourth largest temperature-controlled warehouse company in the world. Americold Realty is primarily focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.
Agro’s portfolio consists of 46 facilities, totaling 236 million refrigerated cubic feet, located in 10 countries. The portfolio includes 17 facilities in the United States. The transaction consists of $554.3 million in Americold common shares, subject to a lockup period until May 17, 2021, as well as $519 million in cash and repayment of approximately $560 million of in-place Agro debt. Additionally the sale includes the assumption of approximately $110 million of in-place Agro capital leases and sale leaseback financing obligations.
The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
