Crossbay, the pan-European urban logistics platform incubated by real estate investment manager MARK, has acquired its first two assets in Poland. The two assets, situated in prime locations in Warsaw and Lodz, represent almost 100,000m² of high-quality warehousing space. Both sites were acquired from Panattoni Europe, a leading developer of logistics and industrial space. The purchase price was not disclosed.
Panattoni Park Warsaw City VII enjoys easy access to the capital’s city centre and will provide c. 61,000m² of high-quality logistics space once completed. Panattoni Europe will act as development manager, with practical completion expected in 2022.
Panattoni Park Lodz City IX is situated in the heart of Lodz city centre, with excellent transport connections to Warsaw, Poznan and Wrocław, and is currently fully occupied by eight tenants including Rhenus Logistics, DSV and Wellpack. The 38,000m² scheme is an A-class logistics facility with a certified BREEAM rating of “VERY GOOD”, featuring modern space with ground-level access and entry docks, enabling tenants to conduct all logistics operations with maximum efficiency. The associated office space can also be flexibly adapted to prospective tenants’ specifications and requirements.
Marco Riva, Head of Crossbay and Logistics at MARK, commented: “Our entrance into Poland through this double acquisition of two prime assets demonstrates our ambition to become Europe’s leading urban logistics platform. Despite the ever-growing weight of capital looking to enter Europe’s last-mile logistics markets, we continue to see opportunities for value creation. By leveraging our network of on-the-ground teams, we can source attractively priced opportunities and take a hands-on approach to asset management. We see potential to develop the Crossbay platform further, expanding into new geographies and sub-sectors as part of MARK’s multi-platform strategy that allows institutional investors to access portfolios of scale across different asset classes.”
