Bridge Investment Group and the Townsend Group Announce Second Global Gateway Insitutional Logistics Venture
SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Logistics Value Fund II GP LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), and The Townsend Group (“Townsend”) announced today a definitive agreement forming a joint venture to deploy $147 million of equity, with the option for upsizing to $200 million, to acquire, develop, and operate global gateway logistics assets in the United States. This partnership follows the successful first joint venture announced in December 2021, in which the team committed $335 million of equity in similar assets.
“Bridge Investment Group’s continued partnership with Townsend represents another milestone in expanding the progression of our value-add logistics strategy,” commented Jay Cornforth, Chief Executive Officer of Bridge Logistics Properties (“BLP”). “We are excited to partner with Townsend to capitalize on new opportunities created by the current environment and to leverage our experience and longstanding relationships to access potential investments. Our 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.”
Townsend has invested $11.2 billion in logistics in developed and developing markets globally since 2015. “BLP is a highly experienced operating partner and well positioned to execute its disciplined investment strategy focused on gateway, infill logistics markets. The 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,” said Scott Miller, Partner, The Townsend Group.
About Bridge Investment Group
Bridge Investment Group is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.8 billion of assets under management as of March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.
BLP is the majority-owned subsidiary of Bridge Investment Group that manages the joint venture described above and the other vehicles in Bridge Investment Group’s value-add logistics strategy.
About The Townsend Group
The Townsend Group is an investor in real estate and real assets managing $23.9 billion (USD) in global AUM. Townsend invests through client investor consortiums consisting of sponsored fund products and complementary separate accounts. Townsend works with global investors and operating partners as a strategic, investment and capital solutions provider. Additionally, Townsend advocates for investors representing nearly $119.2 billion (USD) in private and public real assets globally.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
Bridge Investment Group Holdings Inc.
Bridge Investment Group Holdings Inc.
Source: Bridge Investment Group Holdings Inc.
Released June 26, 2023