Crossbay has acquired a multi-storey urban logistics asset in Saint-Denis, France, for an undisclosed sum in an off-market transaction. The vendor is a private family office. The 7,500m² asset, located a few kilometres from Paris, features 3,500m² of ground floor space, with platforms for heavy goods vehicles and light vehicles, as well as single-level doors on three sides. The rest of the site is divided into cells of approximately 500m² on the upper floors, with access to the quays. The property, which is currently unoccupied, is being marketed to firms in the last mile logistics sector. The acquisition of the Saint-Denis site builds on Crossbay’s growing footprint in France, with their 20 assets at an overall value of around €180m. The platform has invested more than €100m in France this year, with the aim to target €500m in assets under management within the next two years.
Louis Radiguet, managing director of Crossbay France, said: “This acquisition, along with the secure pipeline, will allow us to exceed our objective of €100m in acquisitions for the year 2021. The site presents all the fundamentals of urban logistics, in terms of its location and its technical characteristics. It also has a strong potential for short-term value creation for the Crossbay fund, perfectly matching the type of asset we are looking for.”
