Americold Realty Trust (NYSE: COLD), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced the closing of its previously announced North American cold storage joint venture with EQT's Active Core Infrastructure fund (“EQT”).

The joint venture owns a diverse portfolio of 12 temperature-controlled warehouse facilities across the United States, representing more than $1.3 billion of gross asset value. Consistent with the terms announced in May, EQT has acquired a 70% interest in Americold-EQT Cold Storage Partnership, LLC, while Americold retains a 30% ownership interest. Americold will serve as manager of the platform, ensuring continuity of service and operational excellence for customers. In conjunction with the closing, Americold received approximately $1.1 billion of net cash proceeds from the transaction. The company intends to use the proceeds to repay outstanding debt, strengthening its balance sheet, reducing leverage, and enhancing financial flexibility to support disciplined long-term growth.

Beyond the initial portfolio contribution, Americold and EQT intend for the joint venture to serve as a long-term platform for ownership, development, and strategic growth opportunities within the North American cold storage sector. The venture will leverage Americold's industry-leading operating capabilities and customer relationships alongside EQT's infrastructure investment expertise and capital resources to pursue additional investment and development opportunities 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. "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. We are excited about what this partnership enables over the long term and the value it can create for our customers and shareholders."

Advisors

Kirkland & Ellis LLP acted as legal counsel to Americold. Simpson Thacher & Bartlett LLP acted as legal counsel to EQT.