Paris multi-storey urban logistics assets acquired – News Couple

Paris multi-storey urban logistics assets acquired

Crosby, the first pan-European urban logistics platform targeting single-user distribution centers, has acquired multi-storey urban logistics assets in Saint-Denis for an undisclosed amount in an off-market deal. The seller is a private family office.

It has an area of ​​7,500 sq m, located a few kilometers from Paris, and features 3,500 sq m of ground floor, with platforms for heavy goods and light vehicles, as well as single-story doors on three sides. The rest of the site is divided into cells of about 500 square meters on the upper floors, with access to sidewalks.

The property, currently unoccupied, is marketed to companies operating in the logistics sector in the last mile.

The acquisition of Saint Denis builds on Crossbay’s growing footprint in France, with a total value of around €180 million.

The platform has invested more than 100 million euros in France this year, with a goal of targeting 500 million euros in assets under management over the next two years.

Louis Radiget, Managing Director of Crossbay France said: “This acquisition, combined with the secure pipeline, will allow us to exceed our €100 million target in acquisitions for 2021. The site offers all the essentials of urban logistics, in terms of its location and technical characteristics. It also has a strong potential to create short-term value for Crossbay Fund, which perfectly matches the type of asset we are looking at.”

Launched in May 2020 by leading private equity real estate investment manager MARK, Crossbay is designed to enable institutional investors such as pension funds and insurance companies to increase their exposure to the fast-growing last-mile logistics sector.

Crossbay specifically focuses on single-user distribution centers in locations no longer than a 90-minute trip to the nearest city center. Single-tenant assets require less asset management than multi-rent industrial units and are less exposed to the performance of the broader economy than larger “big fund” warehouses.

The platform’s 600,000 square meter portfolio hosts a prominent tenant base, featuring leading 3PLs such as FedEx and DHL, as well as major e-commerce brands such as Amazon, as occupiers.

In December 2020, MARK announced a successful capital increase for Crossbay, securing €550 million in equity commitments from a global group of investors. Among the investors are Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest LLC. The fundraising was followed by a €400 million debt facility from investment bank Citi in January 2021 to help fund Crossbay’s growth and European expansion.

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