Americold Realty Trust announced on Thursday that it has entered into a joint venture agreement with EQT’s Active Core Infrastructure fund to develop a consolidated cold-storage platform in North America. Under the terms disclosed, Americold will contribute 12 temperature-controlled warehouse properties into the new vehicle, assets that carry a combined value in excess of $1.3 billion at the venture's outset.
As part of the arrangement, EQT will obtain a 70% interest in the joint venture while Americold will retain a 30% stake and continue to run daily operations for the portfolio. Americold said it anticipates receiving approximately $1.1 billion in net cash proceeds from the transaction and intends to apply those proceeds toward debt repayment.
Market reaction was positive for Americold’s listed equity, with shares trading up by more than 3% in premarket activity. Company commentary highlighted growing demand for cold-storage capacity as food producers and retailers work to bolster supply chains and handle larger volumes of fresh and frozen products, positioning temperature-controlled logistics as an increasingly central component of North America’s food infrastructure.
The parties indicated the transaction is expected to reach closing in the third quarter of 2026, but that timetable remains subject to receipt of required regulatory approvals and other customary closing conditions. Americold also provided its 2026 guidance, forecasting adjusted funds from operations in a range of $1.20 to $1.30 per share. That projection sits above Wall Street estimates of $0.92 per share, based on data compiled by LSEG.
Context and implications
The structure gives EQT a controlling economic interest while leaving Americold responsible for running the assets day-to-day, aligning capital ownership with operational expertise. Americold’s stated plan to pare debt with the net proceeds underlines the transaction’s role as a balance-sheet management tool in addition to being a platform-scale play in cold logistics.
Investors and market participants should note the closing remains conditional and the timeframe to completion extends into 2026. The company’s 2026 adjusted funds from operations guidance, which exceeds consensus estimates, is a forward-looking metric that will depend on the transaction closing and other business developments.