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Crossbay ventures into Poland with €95m double purchase

[Image: Ryan Parker/Unsplash]

Crossbay, the pan-European urban logistics platform incubated by real estate investment manager Mark, formerly Meyer Bergman, has acquired two warehouse assets together worth €95 million in Poland.

The assets, which include a let building and a development project, will provide a total of 100,000 sq m of warehouse space in Warsaw and Łódź. Crossbay acquired them from Panattoni Europe.

Panattoni Park Warsaw City VII is an undeveloped plot which will provide about 61,000 sq m of space once completed. Panattoni Europe remains as development manager, with practical completion expected in 2022.

Panattoni Park Łódź City IX is a 38,000 sq m multi-let urban logistics asset in Łódź city centre. The asset is currently fully let to eight tenants including Rhenus Logistics, DSV and Wellpack.

Crossbay to target more assets in Poland

Crossbay said that Poland is one of its key target markets for further acquisition.

“Our entrance into Poland through this double acquisition of two prime assets demonstrates our ambition to become Europe’s leading urban logistics platform,” said Marco Riva, head of Crossbay and Logistics at Mark.

Mark launched Crossbay in May 2020 and it focuses specifically on single-user distribution centres in locations within 90 minutes journey of the centre of the nearest city. The platform currently has a 600,000 sq m portfolio. Last December Mark announced a successful €550 million capital raise for Crossbay, followed by a €400m debt facility from investment bank Citi in January 2021 to further its European expansion.