Lineage Logistics, which specialises in temperature-controlled industrial and logistics real estate, said it has raised $1.7bn (€1.5bn) in equity from a number of pension funds and investment managers.
Participating investors include New York State Teachers’ Retirement System, Healthcare of Ontario Pension Plan, OP Trust, Oxford Properties, QuadReal Property Group, BentallGreenOak, CenterSquare Investment Management, Cohen & Steers, D1 Capital Partners, Rabobank and StepStone.
Lineage Logistics has raised $6bn since January 2020, having raised $1.9bn in March last year.
The new capital will be used to strengthen its balance sheet and to invest in technology, greenfield developments, facility expansions, and clean-energy initiatives.
“This latest round of funding is further validation of our business strategy and will be used to double down on our commitment to offering innovative, end-to-end supply chain solutions for our customers worldwide,” said Greg Lehmkuhl, president and CEO of Lineage.
“As we head into 2022, this new equity gives us even more confidence in our ability to drive future growth opportunities for our business, the industry and the wider food supply chain.”
Adam Forste, co-executive chairman of Lineage and co-founder and managing partner at Bay Grove, which founded and manages Lineage Logistics, said: “While Lineage has already achieved significant growth since its founding in 2008, the company remains as committed as ever to its promise of preserving, protecting, and optimising the distribution of food.
“Lineage’s continued growth and investments in technology and innovation would not be possible without our incredible investors. We are excited to have fresh capital from this latest funding to deploy in our business and create new solutions and capacity for our customers, particularly during this time of significant disruption in global supply chains.”
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