An open-ended European fund managed by Global logistics real estate firm Prologis has bought €1.58bn worth of assets from Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK.

Proligis said it has acquired the portfolio of 128 logistics facilities and six new developments on behalf of the Prologis European Logistics Fund (PELF).

The assets located in Italy, Netherlands, Spain, France, Germany, Belgium and Poland, expand PELF’s city limits logistics space by an additional 1.14m sqm.

Proligis said the deal also grows the fund’s urban infill real estate portfolio to 54%.

Ben Bannatyne, president of Prologis Europe, said: “This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs.

“With the ongoing growth of ecommerce, locations near dense population centres are becoming increasingly important to our customers.”

Marcus Meijer, CEO of MARK, said: “To have achieved the sale at the values agreed, despite the increasingly challenging macro-economic circumstances, is a reflection of the portfolio’s quality and enables us to crystallise strong returns for our investors.”

Clifford Chance and JLL advised Prologis in this transaction. MARK was advised by Jones Day, CBRE and Eastdil.

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