Prologis Europe has significantly scaled up its urban offering across the continent with more than a million square meters of core logistics space. On behalf of its open-ended vehicle PELF, the company has acquired 128 buildings and 6 developments in key urban gateway locations from last-mile operator Crossbay. The agreed price was €1.585 billion.
The completed transaction adds more than 1 million square metres to the EU portfolio, was agreed for €1.585 billion, has an 85% core urban overlap and consists of 128 facilities and 6 new developments, in 7 EU countries.
“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 e-commerce, locations near dense population centres are becoming increasingly important to our customers.”
All properties and developments are located within or in close proximity to major population centres:
Approximately 85% of facilities can service areas with a population of more than one million within 30 minutes. At 95% occupancy, the Prologis customer base is also set to expand, as the company expect to welcome more than 110 new customers.
With the ongoing growth of e-commerce, demographic shifts towards cities and consumer expectations post-COVID-19, city logistics plays a central role in customer location strategies. Urban locations, capable of servicing dense population centres are becoming increasingly important to our customers. “Consumption behaviour is structurally changing. If anything, the growth that logistics underwent to cope with the pandemic has given us a rare real-life insight into warehousing needs 5-10 years from now,” said Joseph Ghazal, Chief Investment Officer Prologis Europe.
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