Crossbay, a European urban logistics platform targeting single-user distribution centres, has acquired a multi-storey urban logistics asset in Saint Denis for an undisclosed sum in an off-market transaction. The vendor is a private family office.
The 7,500 m2 asset, located a few kilometers from Paris, features 3,500 m2 of ground floor space, with platforms for heavy goods vehicles and light vehicles, as well as single-level doors on three sides. The rest of the site is divided into cells of approximately 500 m2 on the upper floors, with access to the quays.
The property, which is currently unoccupied, is being marketed to firms in the last mile logistics sector.
The acquisition of the Saint Denis site builds on Crossbay’s growing footprint in France, with their 20 assets at an overall value of around €180 mln.
The platform has invested more than €100 mln in France this year, with the aim to target €500 mln in assets under management within the next two years.
Louis Radiguet, managing director of Crossbay France, said: 'This acquisition, along with the secure pipeline, will allow us to exceed our objective of €100 mln in acquisitions for the year 2021. The site presents all the fundamentals of urban logistics, in terms of its location and its technical characteristics. It also has a strong potential for short-term value creation for the Crossbay fund, perfectly matching the type of asset we are looking for.'
Launched in May 2020 by private equity real estate investment manager Mark, Crossbay focuses on single-user distribution centres in locations no more than a 90-minute journey to the centre of the nearest city. The platform’s 600,000 m2 portfolio hosts a high-profile tenant base, counting leading 3PLs such as FedEx and DHL, as well as major e-commerce brands like Amazon, as occupiers.
In December 2020, Mark announced a successful capital raise for Crossbay, securing €550 mln in equity commitments from a global range of investors including tthe Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest.
The fundraise was then followed by a €400 mln debt facility from investment bank Citi in January 2021 to help further fund Crossbay's growth and European expansion.
Crossbay France was advised by Cushman & Wakefield for commercial due diligence, C&C Notaries, Jones Day for legal aspects, Etyo (technical and environment), and Deloitte and Taj (finance and taxation). The seller entrusted an exclusive mandate to SODICA real estate agency (Caroline Dheilly) and Jérôme Ader assisted for the notarial aspects.
