MARK has plans to expand its urban logistics platform Crossbay with a second investment vehicle targeting more than €2 billion ($1.97 billion) in gross asset value (GAV).
Crossbay’s second vehicle will acquire existing single-user last-mile facilities in major European gateway cities, focusing on assets in urban infill locations where rental growth is expected to be strongest.
Crossbay II will fund initial acquisitions through a €250 million ($246 million) Pan-European debt facility from global investment bank Citi, which had previously provided €400 million ($394 million) in debt financing for the first Crossbay vehicle.
As part of the expansion strategy, Crossbay II will enter new geographies such as Denmark, Sweden and the United Kingdom. To maximize value creation, Crossbay II will have a greater focus on asset management and leasing initiatives to drive rental growth, which is accelerating as demand continues to far outstrip supply. In prime locatio
