Crossbay, the European urban logistics platform set up by real estate investment manager Mark, has made its first acquisitions in Poland with the purchase of two sites in Warsaw and Lódz.
The two sites, which represent almost 100,000 m2 of warehouse space, have a combined GAV of €95 mln and were acquired from Panattoni Europe for an undisclosed sum. The deals are part of Crossbay's €1.5 bn AuM pan-European expansion strategy.
Panattoni Park Warsaw City VII is an undeveloped plot possessing great connection links to the capital’s city centre, and will provide 61,000 m2 of high quality logistics space once completed. Panattoni Europe will act as development manager, with practical completion expected in 2022.
Panattoni Park Lódz City IX is a multi-let urban logistics asset situated in the heart of Lódz city centre, with excellent transport connections to Warsaw, Poznan and Wroclaw, and is currently fully occupied by eight tenants including Rhenus Logistics, DSV and Wellpack.
The 38,000 m2 scheme is an A-class logistics facility with a certified Breeam Very Good rating.
Crossbay will be looking to grow further in Poland, with further deals already in the pipeline.
Marco Riva, head of Crossbay and Logistics at Mark, commented: 'Our entrance into Poland through this double acquisition of two prime assets demonstrates our ambition to become Europe’s leading urban logistics platform.
'Despite the ever-growing weight of capital looking to enter Europe’s last-mile logistics markets, we continue to see opportunities for value creation. By leveraging our network of on-the-ground teams, we can source attractively priced opportunities and take a hands-on approach to asset management.'
Launched in May 2020 by 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.
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 600,000 m2m 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. Investors included the 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.