- One of Europe’s largest pure play urban logistics portfolios sold for €1.585 billion
- Investors included Townsend Group, Nuveen, CBRE GI, QInvest LLC and Credit Suisse Asset Management
Crossbay, the urban logistics platform of pan-European real estate investment manager MARK, has completed the sale of its first portfolio to the world’s largest logistics REIT, Prologis inc., for €1.585bn.
Prologis, on behalf of its European Logistics Fund (PELF), has acquired a total of 128 logistics facilities and six development opportunities across 1.14 million sq.m.
Launched by MARK in May 2020, Crossbay’s first investors included Townsend Group, Nuveen, CBRE GI, QInvest LLC and Credit Suisse Asset Management. A total of €550m of equity was raised for Crossbay, in addition to a €400m debt facility from investment bank Citi.
The assets acquired by Prologis are located in Italy, Netherlands, Spain, France, Germany, Belgium and Poland. Close to major city centres, about 85% of these new properties can service areas with a population of more than one million in approximately 30 minutes. The facilities are 95% occupied and expands Prologis’ customer base with more than 100 new customers. Key occupiers include Amazon, FedEx and DHL.
MARK CEO Marcus Meijer said: “This transaction gives Prologis access to one of Europe’s largest and highest quality pure play urban logistics portfolios, which has been driven by the deep local knowledge of Crossbay’s teams, and provides us with a solid base to continue our expansion into the sector.
“To have achieved the sale at the values agreed, despite the increasingly challenging macro-economic circumstances, is a reflection of the portfolio’s quality and enables us to crystallise strong returns for our investors.
“Crossbay’s model – aggregating granular, hard-to-access assets to create an institutional-grade portfolio of scale – is one we will look to replicate for our future strategies following the success of the first portfolio.”