Americold Buys Newport
Americold buys Newport.
Americold Realty Trust buys Newport-St. Paul Cold Storage for $56 million.
Americold also closes its deal to buy Nova Cold Logistics.
Newport Cold Storage is a 6.1 million cubic foot temperature-controlled facility with 26,000 pallet positions in St. Paul, Minnesota. Strategically located on Highway 494, the site offers three acres of adjoining land open for development.
The Nova Cold portfolio is three locations totaling 23.5 million cubic feet with 81,000 pallet positions and land for development. Located in the gateway cities of Toronto, Calgary, and Halifax, this deal opens out Americold’s position in Canada. It already has a third-party management business here, so their current customer base overlays Nova Cold’s.
Fred Boehler of Americold said: ‘We are excited to announce the acquisition of Newport Cold, which deepens our presence in the Minneapolis-St. Paul market. The completion of our previously announced Nova Cold acquisition expands our position in Canada, which is a growing market with fragmented ownership of cold storage facilities. Both of these acquisitions give attractive returns on a stabilized, leverage neutral basis, with added opportunities to enhance returns over the next two to three years by implementing our best-in-class commercial business practices and the Americold Operating System.’
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 176 temperature-controlled warehouses, with 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are a vital piece of the supply chain linking food producers, processors, distributors, retailers, and customers.
Americold Realty Trust buys Newport-St. Paul Cold Storage for $56 million.
Americold also closes its deal to buy Nova Cold Logistics.
Newport Cold Storage is a 6.1 million cubic foot temperature-controlled facility with 26,000 pallet positions in St. Paul, Minnesota. Strategically located on Highway 494, the site offers three acres of adjoining land open for development.
The Nova Cold portfolio is three locations totaling 23.5 million cubic feet with 81,000 pallet positions and land for development. Located in the gateway cities of Toronto, Calgary, and Halifax, this deal opens out Americold’s position in Canada. It already has a third-party management business here, so their current customer base overlays Nova Cold’s.
Fred Boehler of Americold said: ‘We are excited to announce the acquisition of Newport Cold, which deepens our presence in the Minneapolis-St. Paul market. The completion of our previously announced Nova Cold acquisition expands our position in Canada, which is a growing market with fragmented ownership of cold storage facilities. Both of these acquisitions give attractive returns on a stabilized, leverage neutral basis, with added opportunities to enhance returns over the next two to three years by implementing our best-in-class commercial business practices and the Americold Operating System.’
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 176 temperature-controlled warehouses, with 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina. Americold’s facilities are a vital piece of the supply chain linking food producers, processors, distributors, retailers, and customers.
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