Prologis has announced that it has acquired a portfolio of 128 logistics facilities and six new developments from last-mile operator Crossbay, adding a total of 1.14m sq m of urban space to its European portfolio. The €1.59bn 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.
President of Prologis Europe Ben Bannatyne commented: “This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities that serve their growth needs. With the ongoing growth of e-commerce, locations near dense population centres are becoming increasing important to our customers.”
These properties – located in the key European markets and population centres – will look to allow Prologis to support customer needs. The acquired properties are in:
Close to major city centres, about 85% of these new properties can service areas with a population of more than 1m in approximately 30 minutes. The facilities are 95% occupied and expand Prologis’ customer base with more than 100 new customers.
Senior Vice President, Regional Head Northern-Europe of Prologis Sander Breugelmans commented: “The acquisition of about 300.000 sq m in the Benelux – focused on metropoles Amsterdam, Rotterdam and Brussels – enables us to serve our customers even better by facilitating them in their growing need for city distribution and sustainable ‘last mile’ delivery. We are thrilled to be part of our customers’ growth path.”
Source: Prologis
