Americold, EQT to Form $1.3B Cold Storage JV

Americold Realty Trust Inc. and EQT have formed a joint venture with EQT’s Active Core Infrastructure fund to own, operate and potentially develop cold storage warehouse facilities across the U.S.

Upon closing in the second half of 2026, the partnership is expected to be the largest operator of cold storage in the country.

Americold is contributing 12 cold storage facilities into the partnership, adding up to more than $1.3 billion in aggregated value. The warehouses collectively reach 124 million cubic feet of temperature-controlled capacity, along with more than 400,000 pallet positions.

EQT will purchase a 70 percent interest in the joint venture, while Americold will keep a 30 percent equity interest. Moreover, Americold will oversee daily management for the platform.

Americold expects to receive about $1.1 billion in net cash proceeds from the deal, which will repay outstanding debt, as well as strengthen the balance sheet.

Eastdil Secured LLC provided financial advice for Americold, while J.P. Morgan Securities LLC and Morgan Stanley represented EQT and provided financing for the deal.

Newer cold storage facilities in demand

Rapid cold storage growth has softened demand in some parts of the sector as supply outpaced absorption. As of the end of 2025, the national cold storage inventory stood at 342 million square feet or about 7.5 billion cubic feet, according to a recent report from Newmark.

However, newer space still remains in demand, the same source shows. Modern facilities hit a record of positive absorption in 2025, while older warehouses saw record net move-outs. Net absorption for legacy buildings fell at about negative 3.9 million square feet, versus positive 8.2 million square feet for modern products.