USB Asset Management and the Dutch pension fund PGGM have announced a $700M partnership to construct large, build-to-suit cold storage facilities in major food and transportation centers across the US.
New York-based USB is one of the largest institutional managers of farmland in the US, currently managing more than 280K acres across 16 states involving more than 30 different food crops.
"By bringing together our firm's expertise in both perishable agriculture and real estate, we believe we are uniquely positioned to execute this cold storage strategy, offering investors access to opportunities early in the replacement cycle of dated facilities," Matt Johnson, the company's head of US Real Estate, said in a statement.
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