Bridge Investment Group Announces Successful Closing of $550 Million Recapitalization of Assets From Bridge Multifamily Fund III Into a Continuation Fund
01 Agosto 2023 - 2:15PM
Business Wire
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”)
today announced that Bridge Multifamily Fund III has agreed to sell
a portfolio of real estate assets to Bridge Multifamily CV LP (the
“Continuation Fund”) in a transaction valued at approximately $550
million, including equity raised by the Continuation Fund to
support further investment in the portfolio of real estate
assets.
The Continuation Fund provides additional time and capital to
further invest in the portfolio of real estate assets, while also
offering liquidity to existing limited partners of Bridge
Multifamily Fund III, who were provided a choice to receive
liquidity or continue their investment in the Continuation
Fund.
“The closing of our first continuation fund is an important
milestone for Bridge,” said Jonathan Slager, Chief Executive
Officer. “We are proud of the success this fund has achieved thus
far and the attractive returns we have delivered to our existing
investors. Multifamily is one of our highest conviction themes and
the sector continues to prove its resiliency and growth potential.
We are excited to welcome several leading institutional investors
as partners with Bridge on this Continuation Fund.”
Latham & Watkins served as Legal Advisor and Evercore served
as Financial Advisor to Bridge on the transaction.
About Bridge Investment Group
Bridge is a leading, alternative investment manager, diversified
across specialized asset classes, with approximately $48.8 billion
of assets under management as of March 31, 2023. Bridge combines
its nationwide operating platform with dedicated teams of
investment professionals focused on select U.S. verticals across
real estate, credit, renewable energy and secondaries
strategies.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, which relate to future events or our future performance or
financial condition. All statements other than statements of
historical facts may be forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as
“outlook,” “could,” “believes,” “expects,” “potential,”
“opportunity,” “continues,” “may,” “will,” “should,” “over time,”
“seeks,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates,” “foresees” or negative versions of those words,
other comparable words or other statements that do not relate to
historical or factual matters. Accordingly, we caution you that any
such forward-looking statements are based on our beliefs,
assumptions and expectations as of the date made, taking into
account all information available to us at that time. These
statements are not guarantees of future performance, conditions or
results and involve a number of risks and uncertainties that are
difficult to predict and beyond our control. Actual results may
differ materially from those express or implied in the
forward-looking statements as a result of a number of factors,
including but not limited to those risks described from time to
time in our filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which
it is made. Bridge undertakes no duty to publicly update any
forward-looking statements made herein or otherwise, whether as a
result of new information, future developments or otherwise, except
as required by law. Nothing in this press release constitutes an
offer to sell or solicitation of an offer to buy any securities of
the Company or any investment fund managed by the Company or its
affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20230801581145/en/
Shareholder Relations: Bonni Rosen Bridge Investment Group
Holdings Inc. shareholderrelations@bridgeig.com Media: Charlotte
Morse Bridge Investment Group Holdings Inc. (877) 866-4540
press@bridgeig.com
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