Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK, has added a 40,000sqm portfolio in the Netherlands to its assets.

The logistics firm has bought three distribution centres in sale-and-leaseback deals, which IPE Real Assets understands to be worth over €30m.

They include two fully-let assets in the Randstad region and one in Tilburg, South Netherlands. The transactions involve: the acquisition of a 16,500sqm distribution centre in Leiden in an agreement with Flex IT; a 10,500sqm asset in Hazerswoude-Dorp leased to an unspecified international wholesaler; and a 13,000sqm asset in Tilburg leased to Vlemmix, a transportation manufacturer.

Marco Riva, CEO of Crossbay and head of logistics at MARK, said: “The Netherlands is one of Europe’s strongest logistics markets, marked by low vacancy rates and limited supply of strategically-located stock that either has existing sustainability credentials or potential to implement ESG-focused asset-management and upgrade strategies. Our teams of local experts in core logistics territories enable us to continue source and execute on these attractive opportunities.

“The resilience of logistics has been proven in a fluctuating market, with rental growth holding up and the price reset being an opportunity for managers who have capital to deploy and experience in timing the market, which we successfully demonstrated with our first vehicle.”

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