Americold Realty Trust Closes $1.3 Billion Cold Storage Joint Venture With EQT

ATLANTA — Americold Realty Trust (NYSE: COLD) has closed a $1.3 billion joint venture with EQT, forming the Americold-EQT Cold Storage Partnership, LLC and delivering approximately $1.1 billion in net cash proceeds to the Atlanta-based temperature-controlled logistics company, the firm announced Aug. 31, 2026.

The venture encompasses 12 temperature-controlled warehouse facilities across the United States, representing more than $1.3 billion in gross asset value. EQT, investing through its Active Core Infrastructure fund, acquired a 70% interest in the partnership. Americold Realty Trust retains a 30% ownership stake and will continue to manage the platform.

Deal Structure and Financial Terms

The transaction was first announced in May 2026 and closed at the end of August. Americold received approximately $1.1 billion of net cash proceeds at closing, which the company said it intends to apply toward repaying outstanding debt. The paydown is projected to reduce annual interest expense by roughly $46 million.

The 12 contributed properties generated approximately $231 million in revenue and $103 million in net operating income in fiscal year 2025, implying a blended cap rate of approximately 7% at the agreed valuation. The portfolio comprises roughly 124 million cubic feet of temperature-controlled capacity and more than 400,000 pallet positions.

Facilities in Pedricktown and Logan Township, New Jersey; Dallas, Texas; and Dunkirk, New York are among the assets contributed to the venture.

Strategic Rationale: Deleveraging and Long-Term Capital Partnership

Rob Chambers, Chief Executive Officer of Americold, described the transaction as a milestone in the company's strategic priorities.

"This transaction represents an important milestone for Americold and demonstrates strong execution against one of our five key priorities," Chambers said. "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. Together, we have created a platform with the scale, expertise, and financial capacity to pursue future opportunities as the cold storage industry continues to evolve."

The deal follows a period of elevated leverage for Americold, which recorded a $309.6 million impairment charge in the second quarter of 2026. By monetizing a partial interest in stabilized, core assets at institutional pricing, the company converts illiquid real estate value into cash while retaining operational control and ongoing economic participation through its 30% stake.

Platform Designed for Future Growth

Beyond the initial portfolio contribution, Americold Realty Trust and EQT have structured the joint venture as a long-term platform for additional ownership, development, and acquisitions within the North American cold storage sector. The partnership is intended to leverage Americold's operating capabilities and customer relationships alongside EQT's infrastructure investment expertise and capital resources.

Americold operates more than 220 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet.

Advisors

Kirkland & Ellis LLP served as legal counsel to Americold Realty Trust. Simpson Thacher & Bartlett LLP represented EQT in the transaction.