Pan-European urban logistics specialist Crossbay, the logistics platform of MARK Capital Management, has sold a prime last-mile warehouse in Barcelona to Stockholm-listed investor AB Sagax for an undisclosed amount. The 8,950 m² new-build asset, rated BREEAM “Excellent”, is located in the highly coveted first logistics ring of the Catalan capital where vacancy rates for Grade A space are under 1%.
The warehouse sits in the Polígono Industrial Carretera del Mig in L’Hospitalet de Llobregat, just 10 minutes from central Barcelona and 8km from the port. The location's access to key transport routes and extreme supply constraints have fuelled consistent rental growth averaging 10% over the past five years, attracting heightened institutional investor interest. Designed to meet top-tier industry standards, the facility features 11m clear ceiling height, fire protection systems, equipped offices and 70 underground parking spaces. It is divided into three modules, one of which is leased to local logistics firm Nacex.
“This transaction is an excellent demonstration of our development capabilities and ability to create value for our investors by developing Grade A assets with best-in-class sustainability credentials in the most supply-constrained markets, alongside aggregating and modernising existing assets in gateway cities,” said Marco Riva, CEO of Crossbay.
The sale, which concludes the wind-down of Crossbay I, reflects growing investor appetite for high-quality logistics real estate in markets with limited availability and strong fundamentals. Investors are increasingly prioritising buildings with green credentials and proximity to urban hubs - key factors that have made Barcelona's inner logistics ring highly competitive.
“The disposal followed a highly competitive sales process, reflecting a highly attractive investment opportunity for an investor wanting exposure to a hard-to-access sub-market marked by high levels of demand facing low levels of supply,” added Gonzalo Alcover, Senior Vice-President, Crossbay.
Proceeds from the sale will now be recycled into Crossbay II, the successor fund which closed in Q4 last year with €770m of equity commitments, targeting up to €1.5bn in investment capacity. The new vehicle focuses on single-user warehouse acquisitions with potential for sustainability-led refurbishments, while retaining a limited allocation for speculative developments, positioning it to meet surging e-commerce and urban delivery demand across Europe.
People mentioned
Marco Riva – CEO, Crossbay
Gonzalo Alcover – Senior Vice-President, Crossbay
Companies mentioned
Crossbay – Urban logistics strategy of MARK Capital Management
MARK Capital Management – Pan-European real estate investment and asset manager
AB Sagax – Stockholm-listed commercial real estate investor
Nacex – Spanish logistics and delivery company
Image Source: Crossbay
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