Vornado Realty Trust, Paramus, N.J., and Crescent Real Estate Equities Co., Fort Worth, Texas, have announced that their Americold Realty Trust joint venture has purchased its tenant, AmeriCold Logistics LLC, for $47.7 million in cash.Vornado owned 60% of AmeriCold Logistics, and Crescent owned 40%. Vornado and Crescent also announced that they have agreed to jointly sell 20.7% of Americold Realty's common shares to The Yucaipa Cos. for $145 million. After the transaction, Vornado will own 47.6% of Americold Realty, and Crescent will own 31.7%, the companies said. Vornado can be found on the Web at http://www.vno.com, and Crescent can be found at http://www.crescent.com.
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