Prologis acquires €1.6b urban logistics portfolio from Crossbay

Prologis has acquired a €1.585 billion ($1.58 billion) portfolio of 128 logistics facilities and six new developments from Crossbay, a last-mile logistics operator.

It is adding a total of 1.14 million square meters (12.27 million square feet) of urban space to its European portfolio. The acquired properties are in Belgium (Brussels); France (Paris); Germany (Nuremberg and Berlin); Italy (Rome and Milan); Netherlands (Amsterdam and Rotterdam); Poland (Lodz); and Spain (Madrid and Barcelona).

The transaction was made on behalf of Prologis European Logistics Fund (PELF). The fund’s investment strategy is investing in urban infill real estate, which will be approximately 54 percent post-acquisition.

“This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs,” said Ben Bannatyne, president, Prologis Europ