Americold and EQT Form $1.3B Cold Storage Joint Venture Targeting North American Warehouse Real Estate

Americold Realty Trust (NYSE: COLD) and EQT Real Estate have announced the formation of a $1.3 billion joint venture focused on the ownership, operation, and potential development of cold storage warehouse real estate across North America, the companies said May 7.

Under the terms of the agreement, Americold will contribute 12 temperature-controlled facilities to the joint venture, which carry an aggregate value in excess of $1.3 billion at inception. EQT, investing through its Active Core Infrastructure fund, will acquire a 70% interest in the platform. Americold will retain a 30% equity stake and serve as day-to-day manager of the portfolio. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Deal Structure and Financing

Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which the company said will be used to repay outstanding debt. J.P. Morgan Securities LLC and Morgan Stanley Real Estate Investing served as financial advisors to EQT and provided financing for the joint venture. Eastdil Secured served as Americold's financial advisor.

The 12 contributed facilities are located across the United States and comprise approximately 124 million cubic feet of temperature-controlled capacity, with more than 400,000 combined pallet positions. On a standalone basis, the joint venture is expected to rank among the largest operators of cold storage facilities in North America, according to the announcement.

"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 Robert Chambers, CEO of Americold. "We believe this transaction reflects an attractive valuation for our assets, while positioning Americold to unlock additional value in the future as we look to grow this platform."

EQT's Investment Thesis

For EQT, the joint venture aligns with the Active Core Infrastructure fund's stated strategy of investing in core infrastructure assets with durable, predictable characteristics and clear opportunities for growth. EQT brings prior experience in temperature-controlled logistics through its ownership of one of Europe's largest cold storage providers.

"We are excited to partner with Americold to invest in a high-quality portfolio of truly mission-critical assets," said Alex Greenbaum, Partner and Head of EQT Active Core Infrastructure. "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."

Benjamin Bygott-Webb, Partner at EQT, added: "This partnership reflects EQT's conviction in cold chain infrastructure as an essential, resilient sector with strong long-term fundamentals. Together, we are well-positioned to build on a strong foundation, pursuing disciplined growth and development opportunities while continuing to serve customers across critical points in the supply chain."

Platform Growth

Beyond the initial 12-facility contribution, the parties have structured the joint venture as a long-term platform for future growth. As part of the agreement, Americold will provide development support to the joint venture, leveraging its customer relationships and industry expertise to identify opportunities for new, strategically located cold storage assets that support key nodes in the cold chain.

The arrangement allows Americold to maintain operational continuity for existing customers while monetizing a significant portion of its North American portfolio. By retaining the management role, Americold preserves its direct customer relationships and operational infrastructure, even as EQT holds the majority economic interest.

Company Backgrounds

Americold operates more than 220 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet globally. The company is structured as a real estate investment trust and trades on the New York Stock Exchange under the ticker COLD.

EQT manages approximately EUR 269 billion in total assets under management as of March 31, 2026, across its Private Capital and Real Assets business segments, with portfolio companies and assets in Europe, Asia Pacific, and the Americas.