Americold Realty Trust to acquire Agro Merchants Group from Oaktree Capital-led consortium for $1.7bn.

Americold Realty Trust, the publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, agreed to acquire Agro Merchants Group, an operator of warehouse and distribution spaces, from Oaktree Capital-led consortium for $1.7bn. The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021. "The acquisition of Agro represents a unique opportunity to acquire an institutional-quality global portfolio that facilitates our strategic entry into Europe and adds complementary locations in the US, South America and Australia, where Americold is already established. This strategic transaction provides exciting long-term growth opportunities through our ability to implement the Americold Operating System and commercial business rules across the Agro platform. In addition, we are excited about the external development and M&A opportunities that this acquisition provides,” Fred Boehler, Americold Realty Trust President and Chief Executive Officer.