Crossbay has acquired a fully-let €60m portfolio of nine properties located across France in an off-market transaction. All the assets are situated in prime infill locations in core French cities, including Paris, Lyon, Nantes and Orleans. The 50,000m² portfolio builds on Crossbay's growing footprint in France, which remains a key target market for acquisitions, with the platform targeting €500m in assets under management in France within the next two years.
Marco Riva, head of Crossbay and logistics at MARK, said: “The successful off-market acquisition of a prime last-mile logistics portfolio in the middle of a pandemic is a real testament to the strength and capabilities of Crossbay's France team. We have invested heavily in creating a genuinely pan-European network of on-the-ground teams who are able to source attractive opportunities like these and following our successful capital raise last year and the debt facility with Citi, we are looking to grow Crossbay's footprint in core Western European markets such as France."
