• Crossbay has completed the sale of a new-build prime urban logistics facility in Barcelona
• The 8,950 sq. m. warehouse is rated BREEAM “Excellent” and situated within Barcelona’s first logistics ring
• The asset, which was held in Crossbay I, has been by acquired by Stockholm listed commercial real estate investor AB Sagax

Barcelona, July, 2025 – Crossbay, the urban logistics strategy of pan-European real estate investment manager MARK Capital Management, has sold a last-mile logistics asset in Barcelona to Stockholm-listed commercial real estate investor AB Sagax for an undisclosed sum.

The asset sits within a highly attractive location within the Barcelona infield logistics market, being in the Poligono Industrial Carretera del Mig in l’Hospitalet de Llobregat, which is strategically located just 10 minutes by car from the centre of Barcelona and eight kilometres from the city’s port.

A new-build development, the warehouse is rated BREEAM “Excellent”. In Spain, Crossbay has developed over 83,500 sq. m. of BREEAM “Very Good” or higher rated space across seven assets.

The development has been designed to best-in-class industry standards, including a clear ceiling height of 11 meters, equipped offices, a fire protection system (PCI), and 70 underground parking spaces. The property is divided into three modules, one of which is leased to Spanish shipment and logistics firm Nacex.

Situated in the city’s first logistics ‘ring’, the warehouse occupies a location where current vacancy rates for Grade A assets are below 1%, with rental growth averaging 10% over the last five years. This has driven highly competitive capital markets activity and increased interest from institutional buyers wanting access to a logistics market with compelling demand/supply dynamics.

Marco Riva, CEO, Crossbay, said: “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.”

Gonzalo Alcover, Senior Vice-President, Crossbay: “The disposal followed a highly competitive sales process, reflecting a highly attractive investment opportunity for an investor wanting to exposure to hard-to-access sub-market marked by high levels of demand facing low levels of supply.”

Today’s announcement allows Crossbay to liquidate Crossbay I, the strategy’s first pan-European value-add fund and focus on acquiring assets on behalf its latest vehicle, Crossbay II.

Crossbay II closed in Q4 of last year with £660m of equity commitments, representing €1.5bn in total investment capacity including leverage. In line with the predecessor fund, Crossbay II’s primary focus is to invest in existing single-user warehouses with potential for sustainability-focused refurbishments and capex programmes, although the vehicle also has a limited allocation to pursue speculative development opportunities.

Marcus Meijer, CEO of MARK Capital Management and Chairman of Crossbay, said: “Crossbay’s strategy is to acquire both standing assets and development opportunities in highly desirable last-mile locations across Europe. Our latest value-add vehicle, Crossbay II, achieved final close last year with a healthy seed portfolio and an identified pipeline of opportunity, maintaining a disciplined focus on single-user distribution centres within Europe’s gateway cities.”

Savills advised Crossbay and AB Sagax on the transaction.