Americold Realty Trust has signed a definitive agreement to acquire Canadian temperature-controlled operator Nova Cold Logistics for CAD*337m.
In addition to the Nova Cold acquisition, Americold has completed the acquisition of two Mid-Atlantic facilities owned by MHW Group Inc. (“MHW”), one in Maryland and one in Pennsylvania, and exercised an option to purchase the underlying land, for $54m.
The Nova Cold portfolio consists of three locations totalling 23.5m cu ft with approximately 81,000 pallet positions, and additional land for future expansions, located in the gateway cities of Toronto, Calgary, and Halifax. This acquisition will expand Americold’s position in Canada, a growing market with fragmented ownership of cold storage facilities. Americold’s current customer base overlaps with Nova Cold’s.
The MHW portfolio consists of two facilities totalling 19m cu ft and approximately 86,000 pallet positions located in Chambersburg, Pennsylvania and Perryville, Maryland. Both facilities are rail-served sites and strengthen Americold’s presence in the Mid-Atlantic region.
The closing of the Nova Cold Logistics acquisition is subject to customary closing conditions and is expected to occur in the first quarter of 2020.
*$ = CAD1.10 / € = CAD1.47
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