Lineage Logistics, a global temperature-controlled industrial REIT and logistics solutions provider headquartered in Novi, today announced it has raised more than $700 million in equity from new and existing strategic partners.
The new capital will support the completion of a global pipeline of more than 20 in-flight greenfield and expansion projects totaling more than $1.25 billion as well as two new, fully automated U.S. superhub projects in core southern Californian and northeastern distribution markets.
“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,” says Greg Lehmkuhl, president and CEO of Lineage.
These projects represent more than 700,000 new pallet positions and a 7 percent increase in Lineage’s global capacity. Lehmkuhl says additional projects are underway to help support the growing customization of producer and retailer supply chains and create capacity in congested domestic and international markets.
“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 percent in the coming year,” says Adam Forste, co-executive chairman of Lineage and co-founder and managing partner at Bay Grove, which founded and manages Lineage Logistics.
“We have been and continue to be deeply committed to decarbonizing 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.”
The equity raise follows Lineage’s latest funding round of $1.7 billion, announced in January 2022. The latest funding brings the total equity raised since January 2020 to $6.7 billion.
