Americold Realty Trust (NYSE: COLD) has closed its previously announced North American cold storage joint venture with EQT's Active Core Infrastructure fund, according to a press release from the Atlanta-based company.

The joint venture holds a portfolio of 12 temperature-controlled warehouse facilities across the United States, representing more than $1.3 billion in gross asset value. EQT acquired a 70% interest in the Americold-EQT Cold Storage Partnership, LLC, while Americold retains a 30% ownership stake. Americold will continue to manage the platform.

Americold received approximately $1.1 billion in net cash proceeds from the transaction. The company stated it intends to use those proceeds to repay outstanding debt and reduce leverage.

"This transaction represents an important milestone for Americold and demonstrates strong execution against one of our five key priorities," said Rob Chambers, Chief Executive Officer of Americold. "In addition to generating substantial proceeds that further strengthen our balance sheet and reduce leverage, we have established a long-term capital and development partnership with EQT."

The two parties intend for the joint venture to serve as a longer-term platform for ownership, development, and additional investment in the North American cold storage sector.

Kirkland & Ellis LLP acted as legal counsel to Americold, and Simpson Thacher & Bartlett LLP acted as legal counsel to EQT.