Bridge Industrial is teaming up with Canada Pension Plan Investment Board (CPP) on a $789 million joint venture that will focus on investments in industrial assets. While CPP is based in Toronto, the strategy will be focused on "several" unnamed "core markets" in the U.S., according to a statement from two investment firms.
Under the terms, CPP will operate a 95 percent stake, while Bridge will own the rest.
Both firms will target what they call "high-quality industrial properties." This comes in light of competition from retailers looking for speedy shipping. Plus, the duo will consider development opportunities under the joint venture.
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