CenterSquare Investment Management (CenterSquare), a leading global real assets manager, today announced an $80 million equity investment in Lineage Logistics, LLC, the world’s largest temperature-controlled industrial REIT and logistics solutions provider. CenterSquare participated in a funding round totaling $1.6 billion in new equity to drive growth and support further investment in technology and automation. The company intends to use the funds to pursue acquisitions and organic expansions to deliver additional value to its food supply chain customers around the globe.
Remarking on the investment, Todd Briddell, CEO and CIO of CenterSquare, expressed the firm’s conviction in the temperature-controlled logistics sector and confidence in Lineage’s business model:
“Our investment in Lineage represents a rare opportunity to support not only a market leader poised for significant growth, but also a management team with an impressive track record of innovation,” said Briddell. “The temperature-controlled logistics sector is experiencing substantial tailwinds and Lineage has effectively harnessed these secular dynamics and delivered on a business model that is aptly focused on accretive expansion, relentless customer focus, and technology. It is a formula for success, and we are looking forward to being a strategic partner on behalf of our clients.”
Lineage has announced 16 acquisitions and executed on 15 new expansions and greenfield facilities in 2020. The company also continues to develop a number of the world’s most advanced fully automated warehouses that will reduce environmental intensity, while providing flexible and expansive capacity for customers during a period where the global pandemic is putting acute strain on the global food supply chain. New capital from CenterSquare and others will fuel these increasingly large investments.
“This significant investment is validation of our business model, our innovative strategy and our plans to continue expanding our footprint as the world’s largest temperature-controlled warehousing and logistics company,” said Greg Lehmkuhl, President and CEO of Lineage. “As we reimagine the food supply chain and execute on our company purpose to eliminate waste and help feed the world, we are thrilled to have the backing and support of CenterSquare.”
CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. Headquartered outside Philadelphia with affiliate offices in New York, Los Angeles, London and Singapore, CenterSquare’s management team holds an average of 30 years of experience, with expertise across real assets and the liquidity spectrum. As of June 30, 2020, CenterSquare manages approximately $11 billion in assets on behalf of some of the world’s most well-known institutional and private investors. For more information, visit www.centersquare.com.
About Lineage Logistics
Lineage is the world’s largest and most innovative provider of temperature-controlled logistics solutions. Lineage’s expertise in end-to-end logistical solutions, its unrivaled real estate network, and its use of technology combine to promote food safety, increase distribution efficiency, advance sustainability, lessen environmental impact, and minimize supply chain waste. As a result, Lineage helps customers ranging from Fortune 500 companies to small family-owned businesses increase the efficiency and protect the integrity of their temperature-controlled supply chain. Lineage has grown its cubic feet by 60% annually since 2008 to 1.9 billion cubic feet, making it the largest global temperature-controlled industrial REIT. In recognition of the company’s leading innovations, Lineage was recognized as the No 1. Data Science company on Fast Company’s Annual list of The World’s Most Innovative Companies in 2019, in addition to ranking 23rd overall in an evaluation of thousands of companies worldwide. (www.lineagelogistics.com)