US investor Bridge Industrial has formed a joint venture with Canada’s PSP Investments, targeting a £1bn portfolio of UK logistics acquisitions and developments.
The joint venture has a build-to-core focus, including the acquisition and development of last-mile logistics assets in high-barrier infill submarkets in Greater London and the Midlands.
Bridge will oversee development and the implementation of value-add measures to create purpose-built infill industrial assets. The venture will also target market-leading sustainability credentials.
Bridge Industrial was previously known as Bridge Developments before its rebranding last month. The firm launched its first overseas office in the UK in November last year.
Bridge’s UK operations are led by partner Paul Hanley. The team has been seeking locations within the M25 since its launch and is under of offer on a number of sites.
Hanley said: “We are extremely excited about the growth in the logistics industry that is creating strong demand for facilities across the UK.
“This joint venture with PSP Investments marks the beginning of a long-term partnership that will allow us to continue the strategic expansion of our portfolio.”
Stéphane Jalbert, managing director for Europe and Asia Pacific, real estate investments at PSP, added: “Urban logistics is a key sector for PSP globally, given the accelerated growth of e-commerce and the need to adapt real estate to meet shifting consumer behaviour. Bridge has proven development capabilities from which the venture will benefit, enhancing returns beyond the sector trend.”
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