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Americold, EQT Launch $1.3B U.S. Joint Venture
Americold Realty Trust, Inc. and EQT have 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. With Americold contributing 12 facilities to the JV valued at more than $1.3 billion, the venture is expected to be among the largest operators of cold storage facilities in North America.
The facilities are located across the U.S. and total approximately 124 million cubic feet of temperature-controlled capacity, with more than 400,000 combined pallet positions. EQT will acquire a 70% interest in the JV, and Americold will retain a 30% equity interest, serving as day-to-day manager of the platform.
“This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognizes the intrinsic value of our mission-critical assets and the inherent growth opportunities in our business,” said Rob Chambers, CEO of Americold.
Beyond the initial contributions to establish the JV, Americold and EQT expect the JV to serve as a long-term platform for future growth. As part of the agreement, Americold will provide the JV with development support.
Eastdil Secured served as Americold’s financial advisor on the transaction. J.P. Morgan Securities LLC and Morgan Stanley served as financial advisors to EQT and provided financing for the JV.
- ◦Sale/Acquisition
- ◦Development
