Americold Realty Trust and EQT have announced a North American cold storage joint venture focused on the ownership, operation and potential development of temperature-controlled warehouse facilities.
Under the agreement, Americold will contribute 12 cold storage facilities in the United States to the joint venture. The portfolio has an aggregate value of more than $1.3 billion and includes approximately 124 million cubic feet (approx. 3.51 million m³) of temperature-controlled capacity, with more than 400,000 combined pallet positions.
EQT’s Active Core Infrastructure fund will acquire a 70% interest in the joint venture. Americold will retain a 30% equity interest and serve as day-to-day manager of the platform. Americold expects to receive approximately $1.1 billion in net cash proceeds, which it expects to use to repay outstanding debt.
Americold and EQT said the platform is expected to support future growth beyond the initial asset contributions. Americold will provide development support, using its customer relationships and industry expertise to identify opportunities for strategically located assets supporting key nodes in the cold chain.
“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.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals. Eastdil Secured LLC served as Americold’s financial advisor, while J.P. Morgan Securities LLC and Morgan Stanley served as financial advisors to EQT and provided financing for the joint venture.
