Prologis has announced the acquisition of a large portfolio of 128 logistics buildings and six new developments from Crossbay, the leading last mile company, adding more than one million square metres of urban space to its European portfolio. The €1.585 billion transaction, carried out through the Prologis European Logistics Fund (PELF), is in line with the fund's investment strategy of growing its real estate portfolio of order picking centres. Following this acquisition, 54% of its portfolio now consists of order picking centres.
"This acquisition underscores our continued ability to provide our clients with quality urban logistics locations and opportunities beyond real estate close to large population areas that meet their growth needs," said Ben Bannatyne, president of Prologis Europe. "With the continued growth of e-commerce, having logistics centres close to large population centres is becoming increasingly important to our customers.
Key locations of the order picking centres
These warehouses, located in major European markets and population centres, will enable Prologis to serve the needs of its customers. The acquired properties are located in:
● Italy (Rome and Milan)
● The Netherlands (Amsterdam and Rotterdam)
● Spain (Madrid and Barcelona)
● Germany (Nuremberg and Berlin)
● France (Paris)
● Belgium (Brussels)
● Poland (Lodz)
Close to the urban core of large cities, around 85% of these new properties can serve areas with a population of more than one million within 30 minutes. The centres have an occupancy rate of 95% and increase Prologis' customer base with more than 110 new customers. These modern buildings will benefit from Prologis' value-added services: Prologis Essentials and PARKlife™.
"To have achieved the sale of the agreed securities, despite increasingly complex macroeconomic circumstances, is a reflection of the quality of the portfolio and allows us to realise significant returns for our investors," said Marcus Meijer, CEO of MARK, the Europe-wide investment manager with €10 billion in assets that handles Crossbay's operations.
Clifford Chance and JLL advised Prologis on this transaction. MARK was advised by Jones Day, CBRE and Eastdil.
