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BLOOMBERG reports:

Cold-storage specialist Lineage Logistics raised $1.6 billion from investors including Oxford Properties Group, private equity firm BentallGreenOak and Dan Sundheim’s D1 Capital Partners as the pandemic pressures the food-supply chain.

The closely held real estate investment trust plans to use the equity to expand, in part by pursuing acquisitions, Co-Chairman Adam Forste said.

“In addition to expanding or building new sites, we’ve closed 16 acquisitions in the year to date and our future pipeline is deep,” Forste said in an interview.

Lineage, which uses software made by companies including WorkDay Inc., Mulesoft Inc. and Turvo, is also planning to spend some of its fresh capital on technology. “We’re focused on being the most innovative player in our industry whether that’s in automation, customer visibility” or key performance indicator management, Forste said.

The latest fundraising values Lineage at $15.5 billion including debt, according to people with knowledge of the matter. If it were public, it would be the third-largest U.S. industrial REIT by enterprise value, behind warehouse owners Prologis Inc. and Duke Realty Corp.

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