Americold and EQT Complete $1.3 Billion North American Cold Storage Warehouse Joint Venture

en.Wedoany.com Reported - Americold Realty Trust and EQT's Active Core Infrastructure fund have completed a North American cold storage warehouse joint venture transaction. The newly established joint venture platform, Americold-EQT Cold Storage Partnership, owns 12 temperature-controlled storage facilities across the United States, with total asset value exceeding $1.3 billion. Upon completion of the transaction, EQT holds a 70% equity interest in the joint venture platform, while Americold retains a 30% equity interest and continues to be responsible for the platform's day-to-day operations and management.

These 12 facilities collectively offer approximately 124 million cubic feet of temperature-controlled storage capacity and approximately 402,000 pallet positions. Based on figures previously disclosed by Americold, the portfolio is valued at approximately $3,300 per pallet position, corresponding to a capitalization rate of approximately 7%. When the transaction was signed on May 7, it remained subject to customary closing conditions and regulatory approvals; Americold subsequently confirmed that the relevant regulatory approvals had been obtained, and the closing was completed as originally planned in the third quarter of 2026.

Following the closing of the transaction, Americold received approximately $1.1 billion in net cash proceeds and plans to use the funds to repay existing debt. The company previously estimated that this deleveraging arrangement would reduce annual interest expenses by approximately $46 million. Under the transaction structure, Americold did not exit the operation of these cold storage assets; instead, it transferred the majority of asset ownership into the joint venture platform while retaining a 30% equity interest and responsibility for the platform's day-to-day management.

The joint venture platform not only assumes the existing 12 cold storage facilities but is also positioned as a long-term investment and development vehicle for future North American cold storage projects. The parties have agreed that the joint venture platform will hold a "right of first review" over relevant development opportunities identified by Americold in North America during the first four years of the partnership. Americold is responsible for screening potential cold storage projects by leveraging its existing customer relationships and development capabilities, while EQT provides infrastructure investment capital and subsequent expansion funding.

As of the end of June 2026, Americold operated 224 warehouses globally, with total temperature-controlled storage capacity of approximately 1.4 billion cubic feet, of which 179 were in North America. The 12 warehouses transferred into the joint venture platform account for approximately 5% of its global warehouse count, but since the related assets continue to be operated by Americold after the transaction, customer service and existing warehouse operations responsibilities do not transfer to a third-party operator as a result of the equity closing.