Canadian pension investment manager Public Sector Pension Investment Board (PSP Investments) and Bridge Industrial have expanded their existing industrial real estate development partnership with a venture in the US.
The companies have allocated $550m (€432m) in equity to the newly created joint venture to develop modern warehousing in urban infill locations in core markets across the US. PSP Investments and Bridge Industrial have an option to re-up for a further $550m.
The joint venture has been seeded with two industrial building assets—one in New Jersey and the other in Los Angeles.
The latest venture expands on a partnership the duo established last year to acquire and develop £1bn (€1.2bn) worth of logistics properties in the UK.
Steve Poulos, the founder, CEO and partner at Bridge Industrial, said: “This venture is an exciting expansion of our successful partnership with PSP Investments. We look forward to growing our portfolio of build-to-core industrial properties with PSP Investments, now on both sides of the Atlantic.”
Carole Guérin, a managing director and head of Americas real estate investments at PSP Investments, said: “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.
“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.”
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