Crossbay has acquired a 45,000m2 fully-let warehouse and 38,000m2 adjacent development land plot for an undisclosed sum. The assets are located in the most productive freight village in East Germany: Berlin South Grossbeeren.
The warehouse was acquired with a long-term lease agreement with one of the world’s leading logistics service providers. The adjacent land will be developed into a c. 23,000m2 prime warehouse with market-leading sustainability credentials by Crossbay’s in-house development team. The development will be speculatively built and offers a highly flexible multi-user layout suitable for a single-tenant or multi-tenant letting.
Scheduled for completion in the first half of 2027, the new facility will target the ‘DGNB Gold’ sustainability certification and feature advanced eco-friendly innovations, including rooftop photovoltaic (PV) solar panels.
The Grossbeeren freight village is the centrepiece of the Berlin-Brandenburg logistics hub and part of the capital’s “Bacon Belt.” With a catchment area of 5.2 million people in one hour, the assets are located directly on the B101 and in the immediate vicinity of the Berlin motorway ring A10 road - with the city of Berlin in short drive away.
The transaction was brokered by Jones Lang LaSalle (JLL). Crossbay received advisory support from Goodwin, Berkers & Cie and CBRE.
Marco Riva, CEO, Crossbay, said: “This a flagship deal for our German portfolio. We are taking advantage of the price dislocation and leveraging our unrivalled hyper-local origination capabilities to assemble a market-leading portfolio of last-mile assets during what will be an excellent vintage for European logistics.
Our end-to-end asset management function, including our in-house development capabilities, is a differentiator in a crowded marketplace. It ensures we can drive value across a variety of investment opportunities, which was proven through our first vehicle and is being successfully replicated with our second.”
Trung Nguyen, Vice President, Crossbay, said: “These assets are located in one of the capital’s most desirable logistics locations, being home to a diverse tenant mix which includes some of the world’s leading companies in their respective fields of operation. This deal provides us with a steady income stream from an extremely strong covenant as well as the opportunity for outperformance through best-in-class ground-up development.”
Image source - Crossbay.
Europe Real Estate — an overview of real estate developments in European countries.
