Americold Realty Trust Signs Definitive Agreement to Acquire Canadian Temperature-Controlled Operator - Nova Cold Logistics - and Acquires Two Mid-Atlantic Facilities

Americold Realty Trust (NYSE:COLD) (the “Company” or “Americold”), the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, announced today that the Company has entered into a definitive agreement to acquire Nova Cold Logistics (“Nova Cold”), based in Canada, for CAD $337 million from Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN), together with its institutional partners (collectively “Brookfield”). The closing of the acquisition is subject to customary closing conditions and is expected to occur in the first quarter of 2020.

Separately, the Company announced today that is has completed the acquisition of two cold storage facilities owned by MHW Group Inc. (“MHW”), one in Maryland and one in Pennsylvania, and exercised an option to purchase the underlying land, for $54 million.

“We are excited to expand our infrastructure and presence in Canada and Mid-Atlantic U.S. with these highly strategic locations and modern facilities that offer compelling growth opportunities. We look forward to welcoming all the new Associates to our team,” stated Fred Boehler, President and Chief Executive Officer of Americold. “These accretive acquisitions enhance the Company’s position as a leading global owner and operator of temperature-controlled infrastructure while expanding relationships with existing high quality customers and providing access to new regional and local customers.”

Mr. Boehler continued, “Both of these acquisitions are immediately accretive on a leverage neutral basis. 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 make them even more attractive.”

Nova Cold Acquisition
The Nova Cold portfolio consists of three locations totaling 23.5 million cubic feet with approximately 81,000 pallet positions, and additional acreage for future expansions, located in the gateway cities of Toronto, Calgary, and Halifax. This acquisition expands Americold’s position in Canada, a growing market with fragmented ownership of cold storage facilities, where the Company already has a presence through its third-party management business. Americold’s current customer base has significant overlap with Nova Cold’s.