Americold, EQT form $1.3B cold storage joint venture

Americold Realty Trust and EQT have announced the formation of a joint venture focused on owning, operating and potentially developing cold storage warehouse facilities across North America.

Under the agreement, Americold will contribute 12 U.S. cold storage facilities valued at more than $1.3 billion to the venture. The facilities represent about 124 million cubic feet of temperature-controlled capacity and more than 400,000 pallet positions.

EQT will acquire a 70 per cent interest in the venture, while Americold will retain a 30 per cent stake and continue managing day-to-day operations. Americold said it expects to receive about $1.1 billion in net cash proceeds from the transaction, which it plans to use to repay debt.

“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 Rob 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.”

The companies said the venture is expected to become one of the largest cold storage operators in North America and will serve as a platform for future growth and development opportunities.

“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.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions.