European urban logistics platform Crossbay has acquired a fully-let €60 mln portfolio of nine properties located across France in an off-market transaction.
All the assets are situated in prime infill locations in core French cities, including Paris, Lyon, Nantes and Orleans.
The 50,000 m2 portfolio builds on Crossbay's growing footprint in France, which remains a key target market for acquisitions, with the platform targeting €500 mln in assets under management in France within the next two years.
Crossbay has a seven-strong French team, having recently hired Augustin Olivier from Stam Europe, where he was an investment manager focused on logistics real estate.
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.’
Launched in May 2020 by leading private equity real estate investment manager Mark, Crossbay was designed to enable institutional investors such as pension funds and insurers to grow their exposure to the fast-growing last mile logistics sector.
In December, Mark announced a successful capital raise for Crossbay, securing €550 mln in equity commitments from a global range of investors. Investors included the Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest.
The fundraise was followed by a €400 mln debt facility from investment bank Citi in January to help further fund the platform's growth and expansion.
Crossbay focuses specifically on single-user distribution centres in locations no more than a 90-minute journey to the centre of the nearest city. Single-tenant assets require less intensive asset management than multi-let industrial units and are less exposed to the performance of the wider economy than larger ‘big box’ warehouses.
The platform’s 500,000 m2 portfolio is let to leading 3PLs such as FedEx and DHL, as well as major e-commerce brands like Amazon.
