SALT LAKE CITY–Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”) and The Townsend Group (“Townsend”) announced today that they have signed a definitive agreement forming a joint venture with options to deploy as much as $400 million of equity to acquire, develop, and operate global gateway institutional logistics assets within the United States.
“Bridge’s partnership with Townsend represents a significant milestone as we launch our value-add logistics strategy,” commented Jay Cornforth, Chief Executive Officer and Co-Chief Investment Officer for Bridge’s Logistics Properties vertical. “We are excited to work together with Townsend to address the opportunities created by the significant demand growth and the structural infill supply limitations in key logistics markets.”
Townsend has invested $7.9 billion in logistics in developed and developing markets globally since 2015. “Bridge is a skilled operating partner and well positioned to execute on this gateway, infill logistics market strategy. The strategic approach to developing a portfolio and hands-on nature of Co-Chief Investment Officers Jay Cornforth and Brian Gagne distinguishes their presence and access in the market,” said Scott Miller, Partner, Townsend Group.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $31.8 billion of assets under management as of September 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: logistics properties, multifamily, affordable housing, seniors housing, office, development, logistics net lease, debt strategies, and agency mortgage-backed securities.
About The Townsend Group
The Townsend Group is a leading investor in real estate and real assets managing $19.7 billion (USD) in global AUM. Townsend invests through client investor consortiums consisting of sponsored fund products and complementary separate accounts. Townsend works with leading global investors and operating partners as a strategic, investment and capital solutions provider. Additionally, Townsend advocates for investors representing nearly $140 billion (USD) in private and public real assets globally.