Food Industry
Industry: Email Alert RSS FeedReal Estate Investment Trusts Spin Off Americold Logistics.
Quick Frozen Foods International, April, 1999
AmeriCold Logistics, the largest refrigerated storage and distribution chain in the USA, has been spun off by its real estate investment trust (REIT) owners, Vornado Realty Trust and Crescent Real Estate Equities.
The two REITs had acquired the operation less than two years ago, but ran afoul of rules limiting how much income they can derive from non-real estate activities. So for $48 million, they sold it to new affiliates, Vornado Operating Co. and Crescent Operating, Inc.
Meanwhile, AmeriCold is pushing expansion projects at a blistering pace. A major consolidation and distribution center for the Dallas-Fort Worth, Texas area, went on line last October. Expansion of a complex near company headquarters in Atlanta, Georgia, opened in February, and...
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