Half a billion euros raised for urban warehouse fund

MARK could have raised an additional €200m save for a hard cap set by the investors.

The platform is targeting up to €1.5bn in gross asset value, having already secured over €500m in assets under management, including near-term pipeline.

Crossbay was launched in May to enable institutional investors to grow their exposure to the fast-growing last mile logistics sector. The platform has its own corporate structure and is led by Marco Riva, who was previously at Logicor, a Blackstone portfolio company focused on 'big box' warehouses.

Crossbay's current tenant base includes a mix of 3PLs such as FedEx and DHL as well as eCommerce brands such as Amazon. 

MARK CEO Marcus Meijer said: “Our focus going forward will be to maintain the current pace of acquisitions to build a portfolio of sufficient size and scale.

"Looking ahead, we see further opportunities within logistics real estate and will be looking to grow our exposure to this asset class, which has clear long-term growth drivers that are underpinned by the mega-trends of urbanisation and technological change.”

Credit Suisse Asset Management head of the multi-manager real estate platform Sven Schaltegger added: “The investment highlights our conviction in the structural shift towards eCommerce, that has been further accelerated by Covid-19, and the strong growth prospects for granular last mile assets.”