Cerberus Capital Management has teamed up with refrigerated real estate specialist Provender Partners for a new joint venture to create a multibillion-dollar portfolio of cold food storage facilities in the US.
Since its founding in 2014 Provender has acquired nearly $500m of refrigerated real estate totaling five million sq ft.
Tom Wagner, head of North American real estate at Cerberus, said, “The cold storage industrial segment plays an integral role in the US food supply chain and we see strong opportunities to build on the market dynamics.
“Together with Provender Partners, we will be able to acquire and enhance cold storage facilities across the US to build a national portfolio of high-quality assets and meet the critical needs of food-related tenants.”
Provender founder and CEO Neil Johnson added, “Beyond expanding our portfolio, the partnership will broaden our ability to help farmers and distributors as global conditions continue to impact the food supply chain.
“As processors and warehousers seek efficiency and geographic diversity, we look forward to delivering innovative, quality food supply chain solutions.”
Source: AltAssets
