MARK Capital Management has secured €660m in equity commitments for the latest vehicle in its urban logistics fund series Crossbay.
Crossbay II, which is expected to be more than 60% committed by year end, will focus on single-user distribution centres in urban locations within European gateway cities.
Including debt financing, Crossbay II has a total investment capacity of more than €1.5bn, which will be deployed and managed by Crossbay’s on-the-ground teams across major European markets.
The vehicle was backed by returning investors, including CBRE Investment Management Indirect Real Estate Strategies, with new investors including pension funds, pension insurance companies, sovereign wealth funds and family offices from across Europe, Asia and the US.
Including near-term pipeline, Crossbay II currently manages circa €1bn in assets located in the UK, France, the Benelux region, Germany, Spain and Italy.
Marco Riva, CEO of Crossbay, said: “The fundraise will allow us to aggregate fundamentally granular and hard-to-access assets to create a second institutional-grade portfolio. We have been tactically deploying throughout this period and are already almost 60% committed, giving investors in the fund exposure to what we believe will prove to be an exceptional vintage for a strategy like ours.”
Marcus Meijer, chairman of Crossbay and CEO of MARK Capital Management, added: “While there is a brightening macro-economic outlook and clear tailwinds behind urban logistics, we recognise uncertainty remains and so would like to thank our investors for placing their trust in us.
“We are seeing enhanced investor appetite to work with specialist managers raising tactical funds with a tight thematic focus to access growth opportunities within real estate. This was the rationale behind our pivot away from diversified funds and into sector-specific strategies like Crossbay, with the latest fund surpassing the last in size and attracting a more geographically diverse investor base, positioning us well for our next fundraise.”
