Lineage Logistics, a world leader in temperature-controlled industrial REIT and logistics solutions provider, announced raising $1.7 billion in equity from new and existing partners, according to a press release.
The company says it will use the funding to strengthen its balance sheet and fuel investments into industry-leading technology, including automation and proprietary software tools for improving supply chain efficiencies. Lineage also says it will continue to fund growth through greenfield developments, facility expansions and clean energy investments.
“While Lineage has already achieved significant growth since its founding in 2008, the company remains as committed as ever to its promise of preserving, protecting, and optimizing the distribution of food,” said Adam Forste, Co-Executive Chairman of Lineage and Co-Founder and Managing Partner at Bay Grove (which founded and manages Lineage Logistics).
“Lineage’s continued growth and investments in technology and innovation would not be possible without our incredible investors. We are excited to have fresh capital from this latest funding to deploy in our business and create new solutions and capacity for our customers, particularly during this time of significant disruption in global supply chains.”
Participating investors include BentallGreanOak, CenterSquare Investment Management, Cohen & Steers, D1 Capital Partners, Healthcare of Ontario Pension Plan, NYSTRS, OP Trust, Oxford Properties, QuadReal Property Group, Rabobank and more.
The equity raise follows Lineage’s latest $1.9 billion funding round in March 2021, and brings total equity raised to $6 billion since January 2020. The company currently has a global network of over 400 facilities totaling over 2 billion cubic feet of capacity in 19 countries.