Sandy Springs refrigerated warehouse REIT makes $1.7B acquisition

Inside an Americold warehouse. Source: Americold.

Credit: Americold

Credit: Americold

Sandy Springs-based refrigerated warehouse company Americold Realty Trust is expanding into Europe by acquiring Agro Merchants Group for $1.74 billion.

Americold — which owns and operates 183 warehouses in the United States, Australia, New Zealand, Canada and Argentina for food producers and retailers — says it’s the world’s largest publicly traded real estate investment firm in its specialty of temperature-controlled warehouses.

It has multiple warehouses in metro Atlanta, as well as facilities near the Port of Savannah for perishable fruits, vegetables, proteins and other frozen and chilled food.

Privately held Agro, with 46 facilities in 10 countries, is the third-largest temperature controlled warehouse firm in Europe and the fourth-largest globally, specializing in fresh and frozen food handling.

Americold says its acquisition of Agro from Los Angeles-based private equity firm Oaktree Capital Management will expand its footprint into Europe and add complementary locations in the U.S., South America and Australia. Oaktree plans to retain an ownership stake in the company.

The transaction involves stock, cash, repayment of Agro debt and assumption of leases, and is expected to close in late 2020 or early 2021.

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