Michigan-based Lineage Logistics, which is the world’s largest temperature-controlled logistics provider along with being the largest industrial real estate investment trust in USA, has procured funding of $700 million from its new and strategic partners. This capital is all set to be invested in the completion of more than 20 in-flight greenfield and expansion projects as well as two new, fully automated US hub projects in core Southern Californian and Northeastern distribution markets.
When asked, Greg Lehmkuhl, chief executive, Lineage said “Our latest equity raise shows the confidence our investors have in Lineage’s business model and our demonstrated ability to meet the demand globally in the face of macro-economic headwinds, inflationary pressures, and capital markets volatility. We believe we have an especially important responsibility to continue investing in new warehouse capacity in critical locations to not only help reduce waste and congestion in the global food supply chain but also to help our customers grow.”
Adam Forste, co-executive chairman and founder, Lineage and managing partner at Bay Grove, commented on the same by saying “In addition to new construction, this latest round of funding will further our global investments in solar capacity with a plan to increase our on-site solar installations by over 50% in the coming year. We have been and continue to be deeply committed to decarbonising across the Lineage platform, and we will continue to invest in conventional and unconventional initiatives to reduce our resource consumption, especially in light of recent volatility in global energy markets.”