European logistics specialist Crossbay has added more than 500,000 sq ft to its UK portfolio with the acquisition of four assets for a combined total exceeding £80m.
The last-mile logistics platform, which was started by Mark in 2020, has bought sites in Watford, Leeds and Farnborough as part of the portfolio’s new push into the UK.
Mark says the UK is an area of key strategic focus for its second logistics platform.
In Watford, Crossbay acquired a business park from Eskmuir Properties. The 165,000 sq ft site, forming part of a wider business park where Kodak, Royal Mail and Corona Energy are tenants, includes nine fully let warehouses let to five tenants on relatively short WAULT agreements.
One of the Leeds purchases was a 135,000 sq ft warehouse in a Wakefield distribution estate, where the NHS, Coca-Cola and Morrisons are tenants. It was acquired from Swiss Life Asset Management.
Let to listed retailer Card Factory on a long-term reversionary lease, the asset is one of four Card Factory units in the area and home to its UK distribution hub.
The second Leeds transaction was in Dewsbury’s Shawcross Business Park, where Crossbay will split a 169,000 sq ft warehouse into two standalone prime mid-box units, undertaking a comprehensive modernisation programme including ESG upgrades. It was bought from owner-occupier Nobia Kitchens.
In Farnborough, Hampshire, a 41,000 sq ft warehouse was acquired from Workspace Group, let to leading parcel and courier service Hermes on a flexible lease.
The site includes full planning consent for refurbishment and ESG enhancement works, which Crossbay will undertake. Neighbouring tenants include Yodel and BMW.
Marco Riva, chief executive of Crossbay and head of logistics at Mark, said: “The UK is a key strategic focus for our second portfolio having repriced faster than majority of European markets and will complement our strong and established presence in leading continental European markets.
“We are well capitalised and have teams of local experts to accelerate deal flow, meaning we are well positioned to take advantage of the current opportunity in the logistics market.”
Crossbay’s second vehicle launched in October 2022, following the sale of its first portfolio to Prologis for €1.6bn (£1.4bn) in 2022. The last-mile specialist will build on its existing presence in Italy, Spain, the Netherlands, Germany, Belgium, France and Poland by expanding into additional territories including Denmark, Sweden and the UK.
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