Americold Realty Trust has closed its North American cold storage joint venture with EQT’s Active Core Infrastructure fund. The venture owns 12 temperature-controlled warehouse facilities across the United States with more than $1.3 billion in gross asset value.
EQT acquired a 70% interest in Americold-EQT Cold Storage Partnership, LLC, while Americold retained a 30% ownership interest. Americold will serve as manager of the platform. The company received approximately $1.1 billion in net cash proceeds from the transaction.
Americold plans to use the proceeds to repay outstanding debt, reduce leverage and increase financial flexibility. The companies intend the joint venture to serve as a long-term platform for ownership, development and strategic growth opportunities in the North American cold storage sector.
The venture plans to combine Americold’s operating capabilities and customer relationships with EQT’s infrastructure investment expertise and capital resources to pursue additional investment and development opportunities.
“This transaction represents an important milestone for Americold and demonstrates strong execution against one of our five key priorities,” said Rob Chambers, Chief Executive Officer of Americold. “In addition to generating substantial proceeds that further strengthen our balance sheet and reduce leverage, we have established a long-term capital and development partnership with EQT.”
