Crossbay, the European urban logistics arm of real estate investment manager Mark, has expanded its presence in Spain with the acquisition of a 43,000 m2 last-mile logistics warehouse in Montcada, Barcelona.
The transaction, valued at over €60 mln, marks Crossbay’s fourth acquisition in Barcelona and adds to assets in Madrid, Valencia and Seville.
Under the deal, Crossbay has signed a sale-and-leaseback arrangement with Condis, a food retailer, commit to a 10-year mandatory period on a 40-year lease. The 43,0000 m2 asset will function as the logistics centre for Condis Group’s stores across the Catalan capital. The complex is located in the Montcada, an industrial area on the northern perimeter of the city.
Crossbay’s Spanish portfolio now totals over 150,000, m2, taking the total size of its European portfolio to almost 800,000 m2. Crossbay aims to secure €500 mln assets under management (AUM) in Spain over the next three years.
Marco Riva, head of Crossbay and logistics at Mark, commented: ‘We’re thrilled to get this deal over the line in what was a highly competitive process. A restricted number of key investors were invited to place bids but we were able to secure exclusivity as a result of our tried and tested DD procedures, certainty of execution and strong track record.’
Crossbay was launched by investment manager Mark, formerly Meyer Bergman, in May 2020 and has since gone on to acquire almost 120 assets across the continent to create Europe’s largest pure play urban logistics portfolio.
Crossbay specialises in single-user distribution centres and has a strong presence in Italy, France, Spain, Belgium, Germany and The Netherlands, where it recently acquired four sites.
Crossbay secured €550 mln in equity commitments from major investors including Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest LLC in late 2020, which was followed by a €400 mln debt facility from Citi investment bank in early 2021.
