Bridge Investment Group is about to undergo a seismic change, but its real estate subsidiary is closing business as usual.
Bridge Logistics Properties, the alternative asset manager’s real estate investment arm, secured a $354.6 million loan to refinance a 24-asset industrial portfolio, the Commercial Observer reported. Invesco Commercial Real Estate Finance Trust — the private credit real estate investment trust of Invesco Real Estate — provided the financing.
The loan-to-value ratio of the debt is below 70 percent. The 2.4 million-square-foot portfolio, which stretches across six states including California, Texas, New York and New Jersey, is “well-leased” and generating cash, according to Invesco global head of credit Charlie Rose.
Invesco’s private credit trust is focused on originating income-generating loans secured by strong assets in liquid markets, particularly in the United States and Europe. The trust’s portfolio includes 61 loans carrying a cumulative commitment of $3.6 billion.
Last month, Invesco’s investment trust closed its first commercial real estate collateralized loan obligation, according to the Observer. The $1.2 billion pool is secured by a portfolio of multifamily and industrial loans — 55 percent for the former, 45 percent for the latter — and was structured by Morgan Stanley.
Meanwhile, the parent of Bridge Logistics is poised to trade to a new owner.
In February, Apollo Global Management agreed to acquire the publicly traded real estate investment firm for $1.5 billion, a move that would double Apollo’s real estate assets under management, pushing it past $110 billion.
The market capitalization of Salt Lake City-based Bridge Investment Group was $960 million at the time the deal was reported. Bridge Investment Group went public in 2021.
The firm has $50 billion in assets under management and employs 300 people. Its real estate strategy is focused on multifamily housing and logistics properties, as well as debt; the company also operates in the property management, leasing and construction spaces.
The deal is expected to close next quarter.
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