Steve Schwarzman and Ron Burkle are fighting over a 165-building portfolio

Americold CEO doesn't think $3B bid for warehouses is high enough

TRD New York /
Sep.September 12, 2017 04:40 PM

From left: Ron Burkle and Stephen Schwarzman

The Blackstone Group is looking to double down on the logistics sector. Steven Schwarzman’s private equity firm bid $3 billion for refrigerated warehouse provider Americold, which is owned by investor Ron Burkle’s Yucaipa.

Burkle, however, is holding out for a higher bid, the New York Post reported, and it’s possible he will take the company public instead.

Americold, which manages 165 warehouses, including about a half dozen in California, ran through six CEOs between 2003 and 2010 but has recently steadied itself.

Earlier this year, Blackstone reportedly bid for Singapore-based Global Logistic Properties. Earlier this year, Blackstone agreed to sell European warehouse company Logicor to China Investment Corporation for about $13.75 billion.

Warehouses are attracting a growing number of investors in part because of the rise of online retail. In fact, one of the reasons Blackstone called off the sale of a mall in Australia for $2.8 billion was the looming presence of Amazon, which spooked buyers. [NYP] — Konrad Putzier


Related Articles

arrow_forward_ios
Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Jonathan Gray

Moving out: Blackstone sells remaining stake in Invitation Homes

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

arrow_forward_ios