Crossbay has completed the acquisition of a 25,514m2 warehouse in Almere, the Netherlands, for €26m. The transaction brings Crossbay’s Netherlands portfolio to over 65,000m2 in size.
The property is in an established southeast Almere industrial park, less than 20 minutes from Amsterdam city centre. It benefits from quick access to the major Dutch logistics corridors, the A6 and A27, with a catchment area of 2.5 million people within a 30-minute drive.
The asset was built in 2003 and expanded in 2007, and has been consistently upgraded by owners to meet modern institutional standards. It benefits from an EPC A label and includes 20 docks, 280 parking spots and clear height of up to 12m.
Crossbay’s value-add asset management strategy will include the implementation of a sustainability-focused cap-ex programme to further stabilise and future-proof the asset.
Marco Riva, CEO of Crossbay and head of logistics at MARK, said: “Our market-leading presence in the Netherlands has been years in the making, allowing us to secure high-quality assets at attractive pricing and our asset management expertise allows us to unlock additional value. Thanks to the asset class's strong underlying fundamentals, urban logistics is set for a rapid repricing once market conditions normalise, creating a narrow window of opportunity, which is why we are being decisive but disciplined in our approach to acquisitions."
Consultants on the acquisition side included 1530 Real Estate, Deloitte, Florent and CBRE, who undertook technical and climate risk due diligence. Savills IM was advised by Savills and HVG Law LLP.
Image provided by Monfort.
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