Bowman Stores Sold To Americold Realty Trust
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Bishopsgate has advised the shareholders of Bowman Stores, a leading cold storage and logistics business on the £74m cross-border sale to Americold Realty Trust.
This represents another complex cross border deal for the Bishopsgate team.
Bowman Stores is a family business that operates from a single campus located in Spalding, Lincolnshire. This campus aggregates 10 million cubic feet with four buildable acres of land to support additional development. Bishopsgate worked closely with the family to run a competitive process culminating in the sale to Americold Logistics.
Americold (NYSE: COLD) (the “Company”), is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.
Bishopsgate Advisors
Ed Wesson
James McBain Allan
Morgan Atherton
Fred Boehler – President & CEO, Americold
We continue to find opportunities to build our network in Europe.
Subsequent to quarter end, we entered into a purchase agreement to acquire Bowman Stores, which operates a single campus located in Spalding, England, for $102 million. The campus aggregates 10 million cubic feet along with four buildable acres of land to support additional development. Nearly all of the customers in this facility are new to Americold and the commodity mix is distributed between protein, prepared foods, and produce. The facility is also one of the few businesses in the UK with a protein export license to China. The asset is located approximately 100 miles north of London and complements our existing Whitchurch site.
Marc J. Smernoff – CFO, Americold
Subsequent to quarter end, we entered into a purchase agreement to acquire Bowman Stores in the UK for a total investment of £74 million Pounds Sterling, which translates to $102 million US dollars, and is expected to close this month. This translates into a net entry NOI yield of 6.8% and the deal was funded using the Pound Sterling component of our revolver. We continue to execute on our strategic growth plan in Europe.
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