Crossbay invests for second vehicle

Crossbay, the pan-European last-mile logistics platform incubated by MARK, has added almost 40,000 m2 to its new portfolio with the acquisition of three distribution centres in the Netherlands for around €30 mln.

The company, which exited its first portfolio to Prologis for €1.6 bn in September 2022, has acquired two fully-let assets in the Randstad region and one in Tilburg, South Netherlands.

Crossbay’s second vehicle launched in October 2022 and will enter new geographies such as Denmark, Sweden and the UK.

The value of the Dutch deal has not been revealed.

Consultants for the acquisitions include Cushman & Wakefield, Deloitte Florent and CBRE, who undertook climate risk due diligence.

Crossbay’s second vehicle has a €250m debt facility from global investment bank Citi.

Marco Riva, CEO of Crossbay and head of logistics at MARK, said: 'The resilience of logistics has been proven in a fluctuating market, with rental growth holding up and the price reset being an opportunity for managers who have capital to deploy and experience in timing the market, which we successfully demonstrated with our first vehicle.'

The first deal is for a 16,500 m2 distribution centre in Leiden with a sale leaseback agreement with IT distributor Flex IT. The property is located next to the A4 highway connecting Amsterdam to Rotterdam, with a catchment area of 5.2 mln  people within a 30 minute drive. 

The second is in the Randstad region is in Hazerswoude-Dorp, where Crossbay has completed a sale leaseback agreement on a long-term lease with an international wholesaler.  The 10,500 m2 fully-electrified property, constructed in 2023, is less than 20 minutes from the key logistics hubs of Bleiswijk, Alphen aan den Rijn and Waddinxveen and has a catchment area of over 3.3 mln people within a 30 minute drive. 

In a third deal this time in Tilburg, Crossbay has completed a sale and leaseback agreement on a long term lease with transportation manufacturer Vlemmix. The 13,000 m2 asset is next to two key connectivity routes, the A58, between Breda and Eindhoven, and the A65, connecting Tilburg to Den Bosh. All major cities in the South of the Netherlands are easily accessible and Eindhoven airport is 20 minutes away.


Latest news

Best read stories