Lineage Logistics, a real estate investment trust (REIT) focused on cold storage facilities, is preparing to go public. It's seeking to raise up to $3.9 billion -- a $19.2 billion valuation -- making it the biggest initial public offering (IPO) of 2024 by a wide margin. It would be more than double the $1.5 billion raised by cruise operator Viking Holdings earlier this year at a $10.4 billion valuation.

Lineage Logistics' IPO could benefit another REIT: W.P. Carey (NYSE: WPC). The diversified REIT owns a small stake in the leading cold storage operator. Here's a look at how Lineage's IPO could provide a boost to W.P. Carey and its nearly 6%-yielding dividend.

Lineage Logistics is the largest company focused on operating cold storage facilities. It has 482 of these warehouses worldwide, with about 3 billion cubic feet of space. The company has 312 facilities in North America, where it controls nearly a third of the cold storage market. That's significantly more market share than rival Americold's 19.3% slice of the North American cold storage market.

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Source Fool.com