Crossbay, the last-mile logistics specialist incubated by MARK, has acquired a warehouse in Paris from Ivanhoe Cambridge for an undisclosed sum.
The 16,200m2 warehouse is located north of Paris in the industrial area of Goussainville, a prime logistics hub in the vicinity of Paris Charles de Gaulles airport and well-connected to Paris. The asset has been acquired vacant and will be marketed to last-mile logistics users.
Crossbay will fully refurbish the warehouse, which was built in 2000, as part of its ESG-focussed asset management strategy. The CapEx programme will include the installation of EV charging, LED lighting, photovoltaic roofing, and a range of other technologies to reduce carbon emissions at the operational phase. Crossbay will also upgrade the asset to the latest technical standards to meet user requirements.
Marco Riva, CEO of Crossbay and head of logistics at MARK, said: “The Paris urban logistics market is underscored by a stark undersupply of fit-for-purpose and well-located stock, despite some of the strongest demand in Europe from a varied tenant pool of last-mile users. We will respond to this demand and unlock reversionary potential through the application of our best-in-class, ESG-focussed asset management function.”
Augustin Olivier, Head of France at Crossbay and Senior VP at MARK, said: “This asset is ideally located in the north of Paris and strategically aligned with our acquisition criteria. Further value will be created upon its refurbishment, through which we will respond to the demands of today’s leading last-mile logistics users, and future-proof the asset. This deal also highlights our ability to source and execute high-quality off-market transactions in this challenging environment.”
Crossbay was advised by Jones Day & Fairway (legal & environmental), C&C (notarial), Taj (Tax), Deloitte (Finance), Savills & Ramboll (technical and environmental) and CBRE (commercial).
Ivanhoe Cambridge by Reed Smith (legal), Allez & Associés (notarial), Arsène Taxand (tax), by its Asset Manager AEW and Property Manager Cogestra.
Image provided by Monfort.
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