Crossbay, the first pan-European urban logistics platform to target single-user distribution centres, has secured leading wholesale retailer Makro as an occupier in its Spanish portfolio.
Makro has signed a 10-year lease to a mixed-use, multi-temperature cross dock warehouse in Barcelona, Spain. Makro will be the sole occupier. Real Estate Consulting firms INVERTICA-IRELS and BNP Paribas Real Estate advised on the deal.
The asset, which was previously a paint factory until redeveloped by Crossbay, has a total built surface of 14,222 sq. m. distributed across two main areas, with the ground floor to be used for last mile distribution and storage operations, and the first floor providing open plan office space. Sustainability is a main focus of Crossbay’s development plans for the project, with the multi-platform cross dock facility targeting a BREEAM certification rating of ‘Excellent’.
Crossbay entered the Spanish logistics market in 2019 and currently has 17 assets under management, representing over 116,000 sq. m. of warehousing space. The platform aims to double its exposure in Spain within the next 12 months.
Carmen Reviriego Vice President of Crossbay Spain, comments: “The warehouse’s specification and facilities available, alongside its strategic location, will enable Makro to increase its business capacity and efficiency in its logistics operations, expanding its distribution range to a much wider customer base.”
Director of operations of Makro in Spain, David Martinez Fontano: adds: “As a wholesale retailer, the lease of Crossbay el Prat de Llobregat is strategic for the evolution of our business in Spain; combining a new generation warehouse with a mixed use facility in close proximity to our customers.”
Launched in May 2020 by leading private equity real estate investment manager MARK, Crossbay was designed to enable institutional investors such as pension funds and insurers to grow their exposure to the fast-growing last mile logistics sector.
In December 2020, MARK announced a successful capital raise for Crossbay, securing €550m in equity commitments from a global range of investors. Investors included the Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest LLC.
The fundraise was followed by a €400m debt facility from investment bank Citi in January to help further fund the platform’s growth and expansion.
Crossbay focuses specifically on single-user distribution centres in locations no more than a 90-minute journey to the centre of the nearest city. Single-tenant assets require less intensive asset management than multi-let industrial units and are less exposed to the performance of the wider economy than larger ‘big box’ warehouses.
The platform’s 500,000 sq m portfolio hosts a high-profile tenant base, counting leading 3PLs such as FedEx and DHL, as well as major e-commerce brands like Amazon, as occupiers.