Pan-European last-mile logistics platform Crossbay has expanded into Poland with the acquisition of two sites in Łódź and Warsaw from Panattoni Europe.
The Panattoni Park Warsaw City VII and Panattoni Park Łódź City IX sites represent almost 100,000sqm of warehouse space and have a combined gross asset value of €95m.
Panattoni Park Warsaw City VII is an undeveloped plot. Panattoni Europe will act as development manager, with practical completion expected in 2022. Panattoni Park Łódź City IX is a 38,000sqm multi-let urban logistics asset and is currently fully occupied by eight tenants.
In December last year, 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 then followed by a €400m debt facility from investment bank Citi in January this year to help further fund Crossbay’s growth and European expansion.
Crossbay said it is planning further acquisitions in Poland over the coming months
Marco Riva, the head of Crossbay and logistics at MARK, said: “Our entrance into Poland through this double acquisition of two prime assets demonstrates our ambition to become Europe’s leading urban logistics platform.
“Despite the ever-growing weight of capital looking to enter Europe’s last-mile logistics markets, we continue to see opportunities for value creation. By leveraging our network of on-the-ground teams, we can source attractively priced opportunities and take a hands-on approach to asset management.
”We see potential to develop the Crossbay platform further, expanding into new geographies and sub-sectors as part of MARK’s multi-platform strategy that allows institutional investors to access portfolios of scale across different asset classes.”
To read the digital edition of the latest IPE Real Assets magazine click here.
