Prologis, Inc., a global leader in logistics real estate, has acquired a diverse portfolio of 128 logistics facilities and six new developments from leading last-mile operator Crossbay, adding a total of 1.14 million square metres of urban space to its European portfolio. The €1.585bn transaction, on behalf of Prologis European Logistics Fund (PELF), is in line with the fund’s investment strategy of increasing its urban infill real estate portfolio, which will be approximately 54% 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,” says Ben Bannatyne, President, Prologis Europe. “With the ongoing growth of ecommerce, locations near dense population centres are becoming increasing important to our customers.”
Key Infill Locations
These properties – located in the key European markets and population centres – will allow Prologis to support their customers’ needs. The acquired properties are in:
- Italy (Rome and Milan)
- Netherlands (Amsterdam and Rotterdam)
- Spain (Madrid and Barcelona)
- Germany (Nuremberg and Berlin)
- France (Paris)
- Belgium (Brussels)
- Poland (Lodz)
Close to major city centres, about 85% of these new properties can service areas with a population of more than one million in approximately 30 minutes. The facilities are 95% occupied and expands Prologis’ customer base with more than 100 new customers.
“To have achieved the sale at the values agreed, despite the increasingly challenging macro-economic circumstances, is a reflection of the portfolio’s quality and enables us to crystallise strong returns for our investors,” says Marcus Meijer, CEO of MARK, the €10bn pan-European investment manager behind Crossbay.