The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion for Lineage’s Management Company Internalization Transaction in Connection with Its IPO

On July 26, 2024, Lineage Inc., the world’s largest temperature-controlled warehouse REIT, announced the closing of its initial public offering, raising over $4.4 billion, valuing Lineage’s equity at $19 billion, and becoming the largest REIT IPO in history.

The company is trading under NASDAQ:LINE.

The Duff & Phelps Opinions Practice advised Lineage, Inc. with respect to the value of Bay Grove Management Company and rendered a fairness opinion with regards to the internalization consideration paid.

“I am honored to have worked on the four largest REIT IPO transactions in U.S. history, rendering fairness opinions in connection with the internalization of the management company, as in the Lineage transaction, or relative fairness opinions in connection with the roll-up of the real estate assets and internalization of the management company, as in the Douglas Emmett, Invitation Homes and Paramount Group transactions.”

–Sherry Cefali, Managing Director, Transaction Opinions

About Lineage, Inc.

Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage companies to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world.

About Bay Grove Capital, LLC

Bay Grove is a principal investment firm dedicated to partnering with strong management teams to invest in and build long-term platform investments. Since 2008, Bay Grove has built Lineage Logistics through acquisitions and investments completed in partnership with entrepreneurs, customers and employees. The firm has deep experience in the warehousing and logistics industry and also seeks to make investments in other attractive sectors. Bay Grove is based in San Francisco. (www.bay-grove.com)