Crossbay, the urban logistics strategy of pan-European real estate investment manager MARK Capital Management, has acquired three UK logistics assets totalling 325,000 sq ft for an undisclosed price from charitable organisations.
Crossbay has acquired two single let assets in Birmingham – in Tipton and Halesowen, totalling 140,000 sq ft – and a 185,000 sq ft distribution centre in Lutterworth. The 85,000 sq ft Tipton asset is let to AF Blakemore & Sons and Crossbay intends to implement a targeted capex programme to deliver Grade A, ESG-focused upgrades and capture underlying rental reversion.
At Coombswood Business Park, Halesowen, the 55,000 sq ft facility is let to Toolbank and offers immediate access to reversion within 12 months, and Unit 3320 at Magna Park, Lutterworth, is let to VWR International.
Devan du Plooy, managing director of MARK Capital Management, said: “Our deep origination network, growing dedicated Crossbay team, and full lifecycle capabilities, together mean we can continue to deliver value for our LPs, who increasingly seek access to the urban logistics segment thanks to its highly defensive profile.”
Rodney Hunt, vice-president at Crossbay, added: “These acquisitions underscore our continued conviction in core UK regional logistics hub assets with strong fundamentals and clear reversionary upside. Broader repricing across the market has maintained an attractive entry point, following the highs of the pandemic-era boom.”
Crossbay was advised by Apex Real Estate Advisors, Avison Young and SBYRE. The vendors were advised by MK2 Real Estate, Aspect Real Estate and Stonehill Partners.
