Bridge Industrial and PSP Investments Form Joint Venture to Invest $550 Million in Build-to-Core Assets
Posted on 01/19/2022
Bridge Industrial and the Public Sector Pension Investment Board (PSP Investments) announced the establishment of a joint venture to develop warehousing in urban infill locations in core markets across the U.S. PSP Investments and Bridge Industrial have allocated US$ 550 million in equity to the joint venture with an option to re-up for a further US$ 550 million, to bring the commitment to US$ 1.1 billion. The joint venture will see the deployment of a build-to-core strategy in supply-constrained U.S. markets, creating more warehouse space to support the global shift to e-commerce.
The venture serves as an expansion of the existing partnership between Bridge and PSP Investments, originally announced in May 2021, which was initially formed for the development and acquisition of last-mile industrial facilities in London and the United Kingdom.
The joint venture was seeded with two industrial building assets—one in New Jersey and the other in Los Angeles—enforcing Bridge’s credibility and business model in US coastal regions, which serve as major conduits of international goods.