US logistics developer Bridge Industrial has formed a £1bn partnership with Canada’s largest pension investment manager, Public Sector Pension Investment Board, to acquire and develop logistics properties in the UK.
The partnership will focus on developing and acquiring last-mile logistics assets within high-barrier infill submarkets in Greater London and the Midlands region.
Bridge will oversee development and the implementation of value-add measures to create state-of-the-art, purpose-built infill industrial assets. The venture will target market-leading sustainability credentials.
Bridge’s UK operations are led by Paul Hanley, Partner, who oversees a London-based team of acquisition and development professionals.
“We’re extremely excited about the growth in the logistics industry that is creating strong demand for facilities across the United Kingdom,” said Hanley. “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, PSP’s Managing Director for Europe and Asia Pacific, Real Estate Investments said: “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.”
The UK team has been actively seeking sites within the M25 since its launch and is under of offer on a number of sites with the completion of two imminent.