Americold Realty Trust files for $690 million IPO
* Americold files for $690 mln IPO
* Says it plans to use proceeds for acquisitions
NEW YORK- Refrigerated warehouse company Americold Realty Trust filed for an initial public offering worth $690 million on Monday.
The Atlanta, Georgia-based company, which is organized as a real estate investment trust (REIT), owns and operates temperature-controlled warehouses for fruits, vegetables and meats.
Americold is the largest owner and operator of temperature-controlled warehouses in world, it said in a filing with the U.S. Securities and Exchange Commission.
Two hotel REITs were scheduled to go public last week. New Jersey-based Chesapeake Lodging Trust Corp, which was hoping to raise about $250 million, postponed its IPO indefinitely due to market conditions.
Pebblebrook Hotel Trust (PEB.N) raised about $350 million in its IPO and closed up 2.2 percent after first day trades.
Americold, which is controlled by investment funds affiliated with The Yucaipa Companies LLC said it would use proceeds from the offering, along with a concurrent offering of senior secured notes, to acquire warehouses currently owned by Canada's Versacold International Corp, which is an affiliate of Yucaipa. After the offering Americold will own 175 warehouses, mostly in the United States.
Americold, which said in its filing that it had no experience operating as a stand-alone, publicly-traded REIT, reported revenues of $581 million in the nine months ended Sept. 30, down 10.4 percent from a year ago. The company posted a net loss of $24.6 million, 36.1 percent worse than the same period a year ago. The figures are adjusted for the company's current ownership by Yucaipa.
Underwriters on the offering are led by Goldman Sachs & Co and J.P. Morgan. The company plans to list on the New York Stock Exchange. (Reporting by Clare Baldwin; editing by Andre Grenon)
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