Pan-European last-mile logistics platform Crossbay acquired a fully-let portfolio of nine properties located across France for €60m.

Crossbay said the 50,000sqm portfolio comprises assets located in core French cities, including Paris, Lyon, Nantes and Orleans.

In December, MARK, formerly known as Meyer Bergman, raised €550m of equity for its new pan-European last-mile logistics platform Crossbay. The platform’s investors included the Townsend Group, CBRE Global Investors, Credit Suisse, Nuveen and QInvest.

The fundraise was followed by a €400m debt facility from investment bank Citi in January this year to help further fund the platform’s growth and expansion.

Marco Riva, head of Crossbay and logistics at MARK, said: “The successful off-market acquisition of a prime last-mile logistics portfolio in the middle of a pandemic is a real testament to the strength and capabilities of Crossbay’s France team.”

“We have invested heavily in creating a genuinely pan-European network of on-the-ground teams who are able to source attractive opportunities like these and following our successful capital raise last year and the debt facility with Citi, we are looking to grow Crossbay’s footprint in core western European markets such as France.”

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