americOLD Global Market Leadership and Growth Strategy
Development of Two Automated Facilities for Ahold Delhaize
Development Overview
■ COLD entered into a definitive development agreement with Ahold Delhaize USA
("ADUSA") to build two automated, retail fulfillment centers that will serve ~750
stores in the Northeast and Mid-Atlantic US
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Upon completion, ADUSA will become a top 25 customer
Ahold Delhaize is the 2nd largest grocer in the world with strong investment
grade ratings (S&P: BBB / Moody's: Baa1)
~$325mm of total development capital investment (1)
■ Construction is commencing in 2Q20 and is expected to fully stabilize in 2H23
Strategic Rationale
Provides long-term infrastructure for a top grocer in the US
Ahold
Delhaize
Ahold Delhaize Dedicated Facility
Lancaster, PA
americold
Supports ADUSA's strong same store growth rate
20-year commitment with highly attractive returns
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10-12% expected stabilized NOI ROIC for both sites
Grocery retail remains mission-critical in a post COVID-19 world
Key Facility Statistics
Facilities
Plainville, CT and Lancaster, PA
Total Cubic Feet
~23.5mm cubic feet
Total Pallet Positions
~59K pallet positions
Clear Height
~130 feet
Job Creation
200+
PA
VA
MD
New Ahold
Delhaize Facilities
Existing COLD
Warehouse Facilities
Note: No assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate, or that targeted returns will be achieved
Funded through ~$135mm of net proceeds from the settlement of forward equity issued in September 2018, revolver availability and cash on hand
(1)
CT
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