Lineage Logistics has raised $1.9bn (€1.6bn) from a group of investors including BentallGreenOak, Oxford Properties and Cohen & Steers to help fund the cold-storage company’s investments.

The temperature-controlled industrial real estate investment trust said it received the capital from new and existing strategic partners including contributions from D1 Capital Partners, CenterSquare Investment Management, MS Tactical Value and Conversant Capital and OP Trust.

As part of the fundraise, BentallGreenOak’s senior managing partner and co-founder, John Carrafiell, will join Lineage’s board.

“In recognising Lineage’s exciting and industry-leading runway for innovation as well as its tremendous pipeline of growth opportunities, BentallGreenOak is thrilled with the most recent raise to become one of the company’s largest investors,” said Carrafiell.

“Serving as an observer on Lineage’s board for the past six months, I saw first-hand the company’s extraordinary ability to continue to grow – both organically and through acquisitions – without missing a beat – despite the ongoing pandemic.”

Greg Lehmkuhl, president and CEO of Lineage Logistics, said the fund raising is clear validation of Lineage’s business model and “our consistent, successful strategy to optimise our customers’ temperature-controlled supply chains, which is exactly how we intend to deploy the funds – to bolster our customers’ experiences from every angle and prove ourselves as their most valuable partner”.

Lineage said part of the $1.9bn raised will be used to double down on new and disruptive technologies to design the temperature-controlled warehouse of the future. It will also use part of the capital to fund greenfield development and facility expansion projects in its North American, European and Asian-Pacific operating regions.

Lineage has more than 340 strategically located facilities offering over 2.1bn cubic feet of capacity and spanning 15 countries across North America, Europe, Asia, Australia, New Zealand and South America. During 2020, Lineage completed 38 acquisitions which added 128 facilities in 11 countries.

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