Pan-European logistics platform Crossbay has purchased 100,000 sqm of warehouse space in two sites in Warsaw and Łódź. Both sites were acquired from Panattoni Europe, a developer of logistics and industrial space, for an undisclosed sum
Panattoni Park Warsaw City VII is an undeveloped plot possessing great connection links to the capital’s city centre and will provide c61,000 sq m of logistics space once completed. Panattoni Europe will act as development manager, with practical completion expected in 2022.
Panattoni Park Łódź City IX is a multi-let urban logistics asset situated in the heart of Łódź city centre, with excellent transport connections to Warsaw, Poznań and Wrocław, and is currently fully occupied by eight tenants including Rhenus Logistics, DSV and Wellpack.
The two acquisitions, with a combined GAV of €95 mln, are the company’s first in Poland, adding to the platform’s existing portfolio in six other European countries.
"We see the potential to develop the Crossbay platform further, by expanding into new geographies and sub-sectors as part of MARK’s multi-platform strategy that allows institutional investors to access portfolios of scale across different asset classes", said Marco Riva, Head of Crossbay.
Like other European markets, Poland saw increased rates of e-commerce adoption during the coronavirus pandemic as government restrictions forced consumers to shop online. In 2020, warehouse investment transactions represented around 50 per cent of the capital invested in the Polish commercial real estate market.
Crossbay is a pan-European logistics platform focused on last-mile, single-tenant distribution centres in European gateway cities. It was founded in May 2020 by London-based private equity real estate investment manager MARK.
