Vornado to Sell AmeriCold Realty Trust for $220M, Records $110M Gain
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Vornado Realty Trust has agreed to sell all of their interest in AmeriCold Realty Trust, a Third-Party Logistics subcontractors for the food industry, the Yucaipa Cos.. Los Angeles on the basis of securities with interests in Company grocery chains. Vornado had a 47.6 percent share and achieve net revenues of approximately $ 220 million, resulting in a gain of about $ 110 million. The sale price is based on an assessment of 1.52 billion dollars of debt and other liabilities. Morgan Stanley Real Estate has also agreed to the sale of its participation of 31.7 percent at AmeriCold Yucaipa, and then own 100 percent of the company. Today’s agreement is the culmination of a series of transactions that began a decade ago during the year 1997, as Vornado and Crescent Real Estate Equities of Fort Worth a joint venture with denomination AmeriCold Realty, acquired and consolidated four independent temperature controlled storage. At that time, the REIT by law can not own property or non-property practices. The company has purchased AmeriCold Realty trucking companies, cold in possession of trucks and implemented fresh food. In order to continue, according to the law, AmeriCold Realty sells its non-real estate assets AmeriCold Logistics, a company created for the food industry with temperature control, the services of the Warehouse with the network of leased lines and detained by of AmeriCold Realty. In return, Vornado Operating Co. Crescent Operating Inc. bought logistics businesses and rental of the hall. Congress to modernize the legislation REIT in the years 2004 and allows REIT own operating companies. At that time, purchased AmeriCold Realty AmeriCold Logistics and a mother-daughter relationship, replaces the lessor / lessee relationship. At the same time, Yucaipa has bought 20.7 percent interest AmeriCold combined with the real estate and logistics companies. The Crescent and Vornado to maintain a joint venture 79.3 per cent share. In May of last year, Morgan Stanley Real Estate acquired Crescent, of which $ 6.5 billion. With Crescent Crescent, the shares of the joint venture AmeriCold. With today’s announcement, The Yucaipa Cos.. He was the sole owner of the AmeriCold Realty Trust and logistics operations of the company. |