Bridge Industrial, a privately owned vertically integrated real estate operating company and investment manager, and PSP Investments, a pension investment manager, agreed to form a joint venture to acquire and develop logistics properties in the United Kingdom, targeting a portfolio value of $1.4bn. Financial terms were not disclosed. “Urban logistics is a key sector for PSP globally, given the accelerated growth of e-commerce and the need to adapt real estate to meet shifting consumer behaviour. Bridge has proven development capabilities from which the venture will benefit, enhancing returns beyond the sector trend,” Stephane Jalbert, PSP’s Managing Director for Europe and Asia Pacific, Real Estate Investments.