Crossbay, the urban logistics strategy of pan-European investment manager MARK Capital Management, has acquired a 45,000sqm fully-let warehouse and 38,000sqm of adjacent development land for an undisclosed sum.
The assets are located in the Berlin South Großbeeren freight village in East Berlin.
The warehouse was acquired with a long-term lease agreement with a logistics service provider. The adjacent land will be developed into around 23,000sqm of warehouse space.
The speculative development is expected to be completed in the first half of 2027.
Marco Riva, CEO, Crossbay, said: “This is a flagship deal for our German portfolio. We are taking advantage of the price dislocation and leveraging our unrivalled hyper-local origination capabilities to assemble a market-leading portfolio of last-mile assets during what will be an excellent vintage for European logistics.
“Our end-to-end asset management function, including our in-house development capabilities, is a differentiator in a crowded marketplace. It ensures we can drive value across a variety of investment opportunities, which was proven through our first vehicle and is being successfully replicated with our second.”
Trung Nguyen, vice-president at Crossbay, said: “These assets are located in one of the capital’s most desirable logistics locations, being home to a diverse tenant mix which includes some of the world’s leading companies in their respective fields of operation. This deal provides us with a steady income stream from an extremely strong covenant as well as the opportunity for outperformance through best-in-class ground-up development.”
Crossbay has been investing in Germany since 2021 and currently manages 133,000sqm of space, following acquisitions in Munich, Frankfurt, Hamburg and Berlin.
In the fourth quarter of 2024, Crossbay achieved a final close for its second value-add fund, securing €660m in equity commitments, representing approximately €1.5bn in investment capacity – including leverage.
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