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

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

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

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
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
One Soho Square with Stellar Management’s Larry Gluck and Yotpo CEO Tomer Tagrin (LoopNet, Twitter, Gluck Family Foundation)
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
From left: Landlord Steve Croman and White Horse Tavern owner Eytan Sugarman along with the White Horse Tavern at 567 Hudson Street (Getty Images, Google Maps, Instagram/boyfromnewyorkcity)
Croman sues White Horse Tavern owner for $650K back rent
Croman sues White Horse Tavern owner for $650K back rent
Blackstone's Stephen Schwarzman and 8 Spruce Street (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Twitter/AAsArchitecture)
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
A photo illustration of Tishman Speyer CEO Rob Speyer and 28-10 Jackson Avenue in Long Island City (Getty Images, Tishman Speyer, Google Maps)
LIC tenant claims Tishman Speyer violated rent stabilization
LIC tenant claims Tishman Speyer violated rent stabilization
A photo illustration of Nir Meir (Getty Images)
HFZ investor wants Nir Meir held in contempt
HFZ investor wants Nir Meir held in contempt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...