Prologis has bought a last-mile warehousing portfolio for nearly €1.6bn (£1.4bn) from MARK’s urban logistics platform Crossbay, in one of the biggest logistics deal to complete this year in Europe.
The portfolio, which measures around 12.3m sq ft, comprises 128 warehouse buildings and six development sites in the Netherlands, Italy, Spain, France, Germany, Belgium and Poland. The facilities are 95% let and will expand Prologis’ customer base with more than 100 new occupiers.
The investment manager said the sale delivered more than 30% returns for the platform’s first investors, which included global investment giants Nuveen, Credit Suisse, Townsend Group and Qinvest.
The news comes as MARK seeks to launch a second urban logistics vehicle, expanding into new territories such as the UK, Portugal and the Nordic regions.
MARK launched Crossbay in May 2020, with the investment manager (then known as Meyer Bergman) making its first last-mile logistics acquisitions in 2018.
Prologis made the acquisition on behalf of its European Logistics Fund.
Ben Bannatyne, president of Prologis Europe, said: “This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs. With the ongoing growth of e-commerce, locations near dense population centres are becoming increasingly important to our customers.”
Marcus Meijer, chief executive of MARK, said: “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.”
JLL advised Prologis on the deal, while CBRE and Eastdil acted for MARK.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
