Lineage Logistics, a temperature-controlled industrial REIT and logistics solutions provider, announced it has raised USD1.9bn in equity from new and existing strategic partners. Participating investors include BentallGreenOak, D1 Capital Partners, Oxford Properties, CenterSquare Investment Management, MS Tactical Value, and Conversant Capital, OP Trust, Cohen & Steers, among others, a press statement reads.
In addition to this latest equity raise – which is Lineage’s largest since its founding in 2008 and follows September’s USD1.6bn raise – the company also transformed its capital structure with a new USD2.8bn Revolving Credit Facility and Term Loan A, the statement reads. The new facility aligns closely with traditional REIT financings, has investment-grade pricing, and becomes unsecured upon compliance with investment-grade covenants. Additionally, the new facility enables Lineage’s growth worldwide by offering multicurrency lending across Lineage’s numerous jurisdictions. This transaction represents Lineage’s first sustainability-linked loan with three Environmental, Social, and Governance (ESG) initiatives.
“We set out to raise capital to support Lineage’s investments in the world’s most state-of-the-art technology and automation, greenfield developments, facility expansions, and continued acquisitions, and we were met with overwhelming demand from some of the most well-respected global institutional investors,” Greg Lehmkuhl, president and CEO of Lineage said. “This is a clear validation of our business model and our consistent, successful strategy to optimize our customers’ temperature-controlled supply chains, which is exactly how we intend to deploy the funds – to bolster our customers’ experiences from every angle and prove ourselves as their most valuable partner.”