PSP Investments targets UK real estate with joint venture

The Ottawa Public Sector Pension Investment Board, which manages C $ 169.8 billion ($ 138.1 billion) in public pension fund assets, has formed a joint venture with the company Bridge Industrial property operating company to acquire and develop UK-based logistics companies.

The joint venture will target a portfolio value of £ 1 billion ($ 1.4 billion), a joint press release from the organizations said on Thursday.

The joint venture will have what the press release calls a “build-to-core” approach, which will include the acquisition and development of logistics assets in Greater London and the Midlands.

“We are pleased to partner with Bridge to invest in the UK logistics sector as we expand our already extensive European logistics portfolio,” said Stéphane Jalbert, PSP Managing Director for Europe and Asia -Pacific, real estate investments, in the press release. “Urban logistics is a key sector for PSP globally, given the accelerating growth of e-commerce and the need to adapt real estate to respond to changes in consumer behavior. Bridge has a proven track record of growing the business will benefit, improving returns beyond industry trend. . “

As of March 31, 2020, PSP Investments’ real estate assets under management totaled C $ 23.8 billion, the most recent data available. The council’s real estate program focuses on building joint ventures with blue chip partners, according to its website.

PSP Investments manages the pension assets of employees of the Canadian Federal Public Service, the Canadian Forces, the Reserve Forces and the Royal Canadian Mounted Police.

PSP spokesperson Verena Garofalo could not be contacted immediately for further information.

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