Bridge Industrial and PSP Investments form $550m JV in build-to-core assets
Bridge Industrial and the Public Sector Pension Investment Board have formed a joint venture to develop best-in-class modern warehousing in urban infill locations in core markets across the United States.
PSP Investments and Bridge have allocated $550 million in equity to the joint venture with an option to re-up for a further $550 million to bring the commitment to $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 ecommerce.
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.
“This venture is an exciting expansion of our successful partnership with PSP Investments,” said Steve Poulos, founder, CEO and partner at Bridge