Editor’s 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: Crain’s 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 Forste and Kevin Marchetti acquired 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 Fund ( XLRE ) is down over 6% year-to-date.

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

Next Steps: The timing of the IPO and price range for share offerings is yet to be determined, according to the company. Lineage has opted to use KKR & Co ( KKR ) to advise the IPO.

Lineage’s shares will be traded under the symbol LINE on the Nasdaq.

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