- What CPP Investments and Bridge Industrial are teaming up to invest in industrial properties
- Why This is the second joint venture between the entities
- What next The venture will target high-quality properties in core U.S. markets
CPP Investments is teaming up again with a Chicago-based private real estate company to invest US$789m ($1.14bn) in U.S. industrial properties.
CPP will hold 95% ownership in the joint venture, with Bridge taking 5%. It also will consider development opportunities. The firms noted that the move comes as retailers seek faster shipping times amid limited space for warehouse construction.
Bridge has developed around 74m sq ft of industrial properties in major U.S. markets. The company also has interests in the U.K. and Europe.
In 2021, CPP and Bridge partnered on a US$1.1bn venture focused on development projects in Miami and Los Angeles.
CPP made several moves so far in January, including announcing a joint venture with Cyrela Brazil Realty, a Brazilian real estate developer, as well as the sale of a $US2.2bn stake in a North American industrial property venture with the Goodman Group.
It also said it would sell its interest in four Chinese real estate ventures.
