Michigan-Based Logistics REIT Lineage Files For IPO, Seeks $30B Valuation (UPDATED) - KKR (NYSE:KKR), Ame

Benzinga

2024-06-28 00:13

Lineage, which has 482 warehouses in operation, reported revenue of $5.3 billion and a net loss of $96.2 million in 2023.

　　Editors Note: The article has been updated to clarify the correct founding timeline of Lineage.

　　Temperature-controlled storage and logistics company Lineage Inc.filed for an initial public offering (IPO), the latest REIT to join the public equities market.

　　What Happened:Crains Detroit Business reported the filing on Thursday.

　　The Novi, Michigan-based company is seeking $3 billion in the IPO and a valuation upwards of $30 billion. Renaissance Capital estimated the company could raise about $3.5 billion through the IPO.

　　Lineage has 482 warehouses in operation totaling 3 billion cubic feet of capacity as of late March. The company reported revenue of $5.3 billion and a net loss of $96.2 million in 2023.

　　The company began its journey in late 2008 when Adam Forsteand Kevin Marchettiacquired Seafreeze, their first cold storage warehouse in Seattle. In 2012, after making several acquisitions, the company was rebranded as Lineage.

　　Why it Matters:The real estate market as a whole has underperformed the market in 2024. The Real Estate Select Sector SPDR FundXLRE is down over 6% year-to-date.

　　Americold Realty TrustCOLD is the largest publicly traded, American competitor. The Atlanta-based company specializes in temperature-controlled warehouses and logistics.

　　Lineages shares will be traded under the symbol LINE on the Nasdaq.

　　Image: Shutterstock

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