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Americold Realty Trust (COLD.N) said on Thursday it has formed a joint venture with investment firm EQT's ​Active Core Infrastructure fund that would focus on ‌cold-storage warehouses in North America.

Under the deal, the temperature-controlled warehouse operator will contribute 12 cold storage facilities to ​the joint venture with a total value ​of more than $1.3 billion at inception. Americold said it ⁠expects to receive about $1.1  billion in net cash ​proceeds, which it plans to use to repay ​its debt.

Shares of Americold Realty Trust rose more than 3% in premarket trading.

Demand for cold-storage space is rising as food companies ​and retailers look to strengthen supply chains and ​handle higher volumes of fresh and frozen goods, making temperature-controlled ‌logistics ⁠an increasingly critical part of North America's food infrastructure.

The deal, which forms one of the largest cold-storage platforms in North America, gives EQT a 70% stake in ​the joint ​venture, while Americold ⁠will have a 30% interest and manage daily operations.

The transaction is expected to close ​in the third quarter of 2026, ​subject to ⁠regulatory approvals and other customary closing conditions.

Americold Realty Trust has forecast 2026 adjusted funds from operations between $1.20 ⁠and $1.30 ​per share, above Wall Street ​estimates of 92 cents, according to data compiled by LSEG.