The Real Deal New York

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

Americold CEO doesn't think $3B bid for warehouses is high enough
September 12, 2017 04:40PM

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