Bridge Investment Group and the Townsend Group Announce Second Global Gateway Insitutional Logistics Venture
June 26 2023 - 7:15AM
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.
Forward-Looking Statements
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,
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“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
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Shareholder Relations: Bonni Rosen Bridge Investment
Group Holdings Inc. shareholderrelations@bridgeig.com
Media: Charlotte Morse Bridge Investment Group Holdings
Inc. (877) 866-4540 press@bridgeig.com
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