Americold to Form $1.3 Billion Cold Storage Joint Venture With EQT
The temperature-controlled logistics REIT will contribute 12 U.S. warehouses and retain a 30% stake as EQT’s fund takes 70%.
Americold Realty Trust (COLD) will contribute 12 cold storage facilities worth more than $1.3 billion to a joint venture with EQT’s Active Core Infrastructure fund, a structure that will leave the company with a 30% equity stake and day-to-day management of the platform.
EQT will acquire a 70% interest. Americold expects to receive about $1.1 billion in net cash proceeds, which it plans to use to repay outstanding debt.
The contributed assets sit across the United States and total approximately 124 million cubic feet of temperature-controlled capacity, with more than 400,000 combined pallet positions. On a standalone basis, the venture is expected to be among the largest operators of cold storage facilities in North America.
Americold will provide development support, using its customer relationships and operating expertise to identify sites that support key cold-chain nodes. EQT brings experience in temperature-controlled logistics, including ownership of one of Europe’s largest cold storage providers, and intends to scale and develop the platform over time.
“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.
The company framed the deal as a balance-sheet step. In May, Chambers said the venture would strengthen the balance sheet and align Americold with a partner that recognized the value of its assets. In August, the company was advancing toward closing the joint venture, which was expected to improve the balance sheet, enhance financial flexibility, and provide a platform for future developments.
Americold raised full-year Adjusted FFO guidance to a range of $1.26 to $1.32 a share after second-quarter results of $0.35 a share. The company operated 231 warehouses globally as of year-end 2025, including 188 in North America.
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. J.P. Morgan Securities and Morgan Stanley & Co. advised EQT and provided financing for the joint venture.