Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK, has acquired a 65,000sqft UK asset to its portfolio.
IPE Real Assets understands that Crossbay acquired the single-let warehouse in Dartford from investment firm Abrdn for approximately £13m (€15.6m).
With this acquisition, Crossbay’s UK portfolio has now exceeded 1m sqft. Crossbay’s European logistics portfolio, now exceeding 5m sqft, includes assets in the UK, Benelux, Germany, France, Italy and Spain.
Crossbay CEO Marco Riva, said: “Sharply rebased values and the ongoing market recovery has created an attractive buying window in the UK and we see this extending into 2025. Being well capitalised and having a granular origination function means we are well placed to take advantage of this.
“Our conviction in the UK is also informed by its high volumes of legacy stock that fail to meet today’s regulatory standards, making it strategically aligned with our focus on investments where reversionary potential and sustainability-linked outperformance can be unlocked through comprehensive refurbishment programmes.”
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