Temperature controlled storage specialist Americold Realty Trust Inc. has formed a $1.3 billion joint venture with the private equity firm EQT focused on the ownership, operation, and potential development of cold storage warehouse facilities in North America.Atlanta-based Americold will contribute 12 cold storage facilities to the joint venture with an aggregate value in excess of $1.3 billion at inception. The facilities are located across the United States and comprise a total of approximately 124 million cubic feet of temperature-controlled capacity, with over 400,000 combined pallet positions.Under the agreement, EQT will acquire a 70% interest in the joint venture, while Americold retains a 30% stake and serves as day-to-day manager of the platform. Through that exchange, Americold expects to receive approximately $1.1 billion in net cash proceeds, which is expected to be used to repay outstanding debt.According to the partners, the joint venture will serve as a long-term platform for future growth. That will be underpinned by EQT’s experience in temperature-controlled logistics, including through its ownership of one of Europe’s largest cold storage providers, Constellation Cold Logistics.”We are excited to partner with Americold to invest in a high-quality portfolio of truly mission-critical assets,” Alex Greenbaum, Partner and Head of EQT Active Core Infrastructure, said in a release. “We believe this platform is anchored by best-in-class cold storage assets serving blue chip customers and is well positioned for long-term growth. This investment aligns closely with our strategy of investing in core infrastructure assets with durable, predictable characteristics and clear opportunities for growth.…
