Thor Equities Group, a leader in urban real estate development, leasing, and management, has completed the sale of a European warehousing portfolio to Crossbay, the urban logistics platform of pan-European investment manager MARK.
The high-quality portfolio of eight assets includes existing warehouses and development sites on the outskirts of major cities in Spain, France, and the Netherlands.
The Spanish assets are situated in the locales of Coslada, Madrid, and Barcelona’s Montcada and El Prat. Dos Hermanas, Seville, and the North West’s Vigo make up the remaining assets in Spain.
Villunueve is located within the first ring of Paris, while the Netherlands’ Lisse is on the south-west outskirts of Amsterdam.
Tenants in the portfolio include Amazon, Conway and the Volkswagen Group.
The transaction announced today adds to Crossbay’s growing portfolio. The platform has acquired over 120 assets across Europe since its launch in May 2020.
Crossbay owns and operates one of Europe’s largest pure play urban logistics portfolios. The platform targets single-user distribution centres in locations no more than 30 minutes from the city centre, and has an established presence in Italy, France, Spain, Belgium, Germany and The Netherlands. Crossbay’s occupier base includes high-profile tenants such as FedEx, Amazon and DHL.
“This successful transaction bolsters Thor’s track record and demonstrates the strong demand for well-located assets across Europe,” said Chairman of Thor Equities Group, Joseph Sitt. “Given the considerable shortage of development sites and first-class facilities outside of key cities, our portfolio was a highly sought-after opportunity, and we expect strong leasing activity to continue. Thor remains committed to building a best-in-class global logistics portfolio and we look forward to seeing our platform grow further.”
Marco Riva, head of Crossbay and logistics at MARK, commented: “Spain, France and the Netherlands remain key target markets for us and these acquistions build upon the existing presence we have there. The rapid growth of the Crossbay platform in the space of two years is a vindication of our continental European ‘beds and sheds’ strategy, which is focused on aggregating granular assets to create institutional-grade portfolios of scale.”
MARK and Thor Equities have previously partnered on two projects in London, Burlington Arcade and Bond Street House, which was recently sold to an unnamed investor.