Crossbay, the urban logistics strategy of pan-European real estate investment manager MARK Capital Management, has completed the acquisition of three UK logistics assets totaling 325,000sq ft.
The logistics facilities comprise two single-let assets in Birmingham—in Tipton and Halesowen, totaling 140,000sqft, and a prime 185,000sqft distribution centre in Lutterworth, within the UK logistics sector’s ‘golden triangle’ of motorway connections.
All three assets were acquired from charitable organisations, with sources pointing to a price tag in the region of £35m (€40.8m).
Crossbay declined to comment on the financials.
Apex II, at Tipton comprises 85,000sqft let to AF Blakemore & Sons. This asset is located between the M6 and M5 motorways, and Crossbay said it plans a targeted capex programme “to deliver Grade A, ESG-focused upgrades and capture underlying rental reversion”.
Coombswood Business Park in Halesowen is a 55,000sqft facility, let to Toolbank since construction, and with lease renewal due within 12 months.
Unit 3320, at Magna Park, near Lutterworth is a prime 185,000sqft distribution asset, fully let to VWR International, which has operated its primary UK distribution centre at the location for over 30 years.
Devan du Plooy, managing director at MARK Capital Management, said: “Our deep origination network, growing dedicated Crossbay team, and full lifecycle capabilities, together mean we can continue to deliver value for our LPs, who increasingly seek access to the urban logistics segment thanks to its highly defensive profile.”
Rodney Hunt, vice president at Crossbay, added: “These acquisitions underscore our continued conviction in core UK regional logistics hub assets with strong fundamentals and clear reversionary upside. Broader repricing across the market has maintained an attractive entry point, following the highs of the pandemic-era boom.”
To read the latest IPE Real Assets magazine click here.
