Americold Realty Trust, EQT Form $1.3B Cold Storage Warehouse Real Estate Joint Venture

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, 2026.

Under the terms of the agreement, Americold will contribute 12 cold storage facilities located across the United States to the joint venture. The portfolio totals approximately 124 million cubic feet of temperature-controlled capacity and more than 400,000 combined pallet positions. EQT's Active Core Infrastructure fund will acquire a 70% interest in the venture, while Americold retains a 30% equity stake and continues as day-to-day manager of the platform.

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. The deal is structured as a real estate joint venture with Americold serving as the operating manager, ensuring continuity of service for existing customers. 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 transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

"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. This transaction is part of our multi-pronged strategy to drive disciplined long-term growth and superior returns for shareholders."

Cold Storage Warehouse Real Estate as Core Infrastructure

EQT, which manages approximately €269 billion in total assets under management as of March 31, 2026, is investing through its Active Core Infrastructure fund. The firm cited the cold chain sector's durable demand characteristics and long-term fundamentals as drivers of the investment thesis.

"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."

EQT brings prior experience in temperature-controlled logistics through its ownership of one of Europe's largest cold storage providers, according to the announcement.

Platform Growth Strategy

Beyond the initial 12-facility contribution, Americold and EQT described the joint venture as a long-term platform intended to support future development and acquisition activity. As part of the agreement, Americold will provide development support to the venture, leveraging its customer relationships and industry expertise to identify opportunities to develop strategically located cold storage assets at key nodes in the cold chain.

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 companies. Americold's broader global portfolio spans more than 220 facilities across North America, Europe, Asia-Pacific, and South America, totaling approximately 1.4 billion refrigerated cubic feet.

Advisors and Transaction Timeline

Eastdil Secured LLC advised Americold on the transaction. J.P. Morgan Securities LLC and Morgan Stanley advised EQT and arranged financing for the joint venture. The deal is expected to close in the third quarter of 2026, pending regulatory approvals and customary closing conditions.

Sources:
Americold Realty Trust Press Release, May 7, 2026