Bridge Investment Group and The Townsend Group have extended their US value-add logistics partnership with a new agreement to invest up to $200m (β¬184m) in a new venture.
The Bridge Logistics Value Fund II and Townsend have created the second joint venture to deploy at least $147m to acquire, develop, and operate global gateway logistics assets in the US.
Bridge and Townsendβs first joint venture announced in December 2021, committed $335m of equity in similar assets.
Jay Cornforth, CEO of Bridge Logistics Properties, said: βWe are excited to partner with Townsend to capitalise on new opportunities created by the current environment and to leverage our experience and longstanding relationships to access potential investments.
βOur focus on gateway, infill markets is positioned to benefit from long-standing secular trends which are driving exponential demand growth along with structural infill supply limitations.β
Scott Miller, partner at The Townsend Group, said: βBLP [Bridge Logistics Properties] is a highly experienced operating partner and well positioned to execute its disciplined investment strategy focused on gateway, infill logistics markets.
βThe tenured and cycle-tested team, led by Jay Cornforth, and Brian Gagne, chief investment officer, has a strategic approach to portfolio construction and deep regional footprint which enhances their presence and access in the market.β
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