Crossbay has expanded its presence in Spain with the acquisition of a 43,000m² last-mile logistics warehouse in Montcada, Barcelona. The transaction, valued at over €60m, marks Crossbay’s fourth acquisition in Barcelona and its 12th in Spain, adding to assets in Madrid, Valencia and Seville as the platform continues to establish itself as one of the country’s foremost logistics platforms.
The newly acquired asset will function as the logistics centre for Condis Group’s in the Catalan capital, as the a leading food retailer with over 600 stores in Barcelona, has committed to a 10-year mandatory period on a 40-year lease.
Crossbay’s Spanish portfolio now totals over 150,000m² taking the total size of its European portfolio to almost 800,000m². Crossbay aims to secure €500m assets under management (AUM) in Spain over the next three years.
Marco Riva, head of Crossbay and logistics at MARK, commented: “We’re thrilled to get this deal over the line in what was a highly competitive process. A restricted number of key investors were invited to place bids but we were able to secure exclusivity as a result of our tried and tested DD procedures, certainty of execution and strong track record. The sourcing and acquisition of these types of opportunities require an intimate knowledge of the local marketplace, which we can draw on thanks to our genuine pan-European presence through our network of in-country teams. Historically Spain had one of the lowest e-commerce adoption rates in Europe but the pandemic has accelerated the shift to online shopping and there is huge potential to modernise existing logistics facilities to meet the demands of occupiers and investors.”
