Lineage, a leading US temperature-controlled warehouse REIT with a global presence, raised $4.4 billion by offering 56.9 million shares at $78, within the range of $70 to $82. The company offered 9.9 million more shares than anticipated.
Formerly known as Lineage Logistics, the company states that it is the world's largest global temperature-controlled warehouse REIT, with over 84.1 million square feet and 3.0 billion cubic feet of capacity. Its network comprises 482 warehouses predominantly located in densely populated critical-distribution markets, with 312 in North America, 82 in Europe, and 88 in Asia-Pacific. Lineage currently serves a diversified customer base of more than 13,000 of the largest food retailers, manufacturers, processors, and food service distributors in the industry.
Lineage plans to list on the Nasdaq under the symbol LINE. Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan, Wells Fargo Securities, RBC Capital Markets, Rabo Securities, Scotia Capital, UBS Investment Bank, Capital One Securities, Truist Securities, Evercore ISI, Baird, KeyBanc Capital Markets, Mizuho Securities, PNC Capital Markets, Deutsche Bank, CBRE Capital Partners, HSBC, Piper Sandler, and Regions Securities acted as joint bookrunners on the deal.
