JV to Invest $550M in Build-to-Core Warehouses
Bridge Industrial and Public Sector Pension Investments have formed a joint-venture to develop modern industrial properties across urban infill locations.
CHICAGO, FL – Privately-owned real estate investment manager and operating company, Bridge Industrial and the Canada-based, Public Sector Pension Investments Board have established a joint-venture partnership to develop best-in-class warehouses in urban infill locations throughout the US.
The two companies have allocated $550 million in equity to the joint-venture, with an option to re-up and bring the commitment to $1.1 billion.
The joint-venture will deploy a build-to-core strategy in supply-constrained markets, in effort to create modern warehouse space and support the global shift to e-commerce.
The partners initiated the joint-venture with two industrial assets located in New Jersey and Los Angeles.
The joint-venture expands the existing partnership between Bridge Industrial and PSP Investments. The companies initially formed their partnership in May 2021 to develop and acquire last-mile industrial facilities in London and the UK.
“This venture is an exciting expansion of our successful partnership with PSP Investments,” states Steve Poulos, founder, CEO and partner at Bridge Industrial. “We look forward to growing our portfolio of build-to-core industrial properties with PSP Investments, now on both sides of the Atlantic.”
“We are pleased to broaden our relationship with Bridge Industrial, from the UK to the US, with their proven expertise in developing modern facilities in key US markets,” states Carole Guérin, managing director and head of Americas, real estate investments at PSP Investments. “We are strategically aligned to leverage the transition to e-commerce with high-quality properties that provide jobs in local communities while incorporating sustainable design features.”