Crossbay, the pan-European last-mile logistics platform owned by Mark, has acquired two fully-let warehouses in Hamburg, Germany from a private real estate investor.
Located in one of Hamburg’s strongest inner-city logistics markets, Allermohe, the assets are arranged across 7,000 m2, with immediate access to the A25 and A1 motorways and Hamburg city centre, which is 15 minutes away.
The warehouses are fully-let to medium-sized 3PLs on leases with significant reversionary potential. Constructed in 1989 and 1991, they have undergone continuous upgrades by their owners to meet modern standards and Crossbay’s asset management strategy will implement further improvements, including ESG led initiatives.
Marco Riva, CEO of Crossbay and head of logistics at Mark, said: 'This transaction is an excellent illustration of our manage-to-core strategy, where we can apply our origination and asset management expertise to source, acquire and transform secondary stock into institutional-grade assets. Sourcing these rare last-mile opportunities is only made possible by having local teams on the ground.
'We believe this strategy, alongside our acquisitions of Grade-A assets, gives us upside potential and limits downside risk, putting us in an excellent position to capitalise on still historically high demand for quality logistics real estate at both an occupier and an investor level.'
Crossbay is seeking further opportunities in Germany, with acquisitions led by Max Stepanenko. Germany been a major target market since the platform's launch in 2020 and formed significant portion of its first portfolio, which was exited for €1.6 bn in 2022.
Crossbay’s latest vehicle has already deployed over €300m following further purchases in Italy, France, the Netherlands and the UK.
