Prologis has dramatically expanded its urban infill exposure via a portfolio of 128 buildings and six developments in seven European countries.
The US giant of warehouse and logistics property revealed it had struck the €1.585 bn deal with Crossbay, the last-mile logistics specialist created by MARK.
Overall, the portfolio will add 1.14 mln m2 in Italy, the Netherlands, Spain, France, Germany, Belgium, and Poland.
The acquisition has been made on behalf of Prologis European Logistics Fund (PELF), wirth the firm saying it was in line with the fund’s investment strategy of increasing its urban infill real estate portfolio, which will be approximately 54% post-acquisition.
Prologis’ Europe chief, Ben Bannatyne, said: ‘This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs.’
‘With the ongoing growth of ecommerce, locations near dense population centres are becoming increasing important to our customers.”
Marcus Meijer, CEO of MARK said: ‘To have achieved the sale at the values agreed, despite the increasingly challenging macro-economic circumstances, is a reflection of the portfolio's quality and enables us to crystallise strong returns for our investors.’
Clifford Chance and JLL advised Prologis. MARK was advised by Jones Day, CBRE and Eastdi.
The assets are located in Rome, Milan, Amsterdam, Rotterdam, Madrid, Barcelona, Nuremberg, Berlin, Paris, Brussels, and Lodz.
Close to major city centres, about 85% of the properties can service areas with a population of more than 1 mln in approximately 30 minutes. The facilities are 95% occupied and expands Prologis’ customer base with more than 100 new customers.
