Americold Realty Trust has acquired Newport-St. Paul Cold Storage (“Newport Cold”), a 6.1 million cubic foot temperature-controlled storage facility located in St. Paul, Minnesota, for $56 million.
Separately, the company has closed on its previously announced acquisition of Nova Cold Logistics, an owner and operator of three temperature-controlled storage facilities in Canada.
“We are excited to announce the acquisition of Newport Cold, which deepens our presence in the Minneapolis-St. Paul market. Additionally, 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,” stated Fred Boehler, President and Chief Executive Officer of Americold.
“Both of these acquisitions provide attractive returns on a stabilized, leverage neutral basis, with additional 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,” he added.
Newport Cold Storage is a 6.1 million cubic foot temperature-controlled facility, containing approximately 26,000 pallet positions located in St. Paul, Minnesota.