Crossbay divests Barcelona logistics facility to Sagax

Crossbay, the urban logistics arm of MARK Capital Management, has sold a last-mile logistics property in Barcelona to Swedish real estate investor Sagax for an undisclosed price.

Crossbay logistics

The newly built warehouse is located in the Poligono Industrial Carretera del Mig in l’Hospitalet de Llobregat, a prime spot only a 10-minute drive from central Barcelona and eight kilometers from the city's port. This area is known for its strong logistics market, with less than 1% vacancy for top-tier properties and an average rental growth of 10% over the past five years.
The facility has a BREEAM "Excellent" rating and features an 11-meter clear ceiling height, equipped offices, and a fire protection system. It is divided into three sections, with one module currently leased to Spanish logistics company Nacex. The strong market conditions and limited availability of similar properties have made this an attractive asset for institutional investors.
Marco Riva, CEO, Crossbay, said: “This transaction is an excellent demonstration of our development capabilities and ability to create value for our investors by developing Grade A assets with best-in-class sustainability credentials in the most supply-constrained markets, alongside aggregating and modernising existing assets in gateway cities."
Gonzalo Alcover, senior VP, Crossbay, added: “The disposal followed a highly competitive sales process, reflecting a highly attractive investment opportunity for an investor wanting to exposure to a hard-to-access sub-market marked by high levels of demand facing low levels of supply.” 
The sale of the Barcelona asset enables Crossbay to close its initial fund, Crossbay I, and dedicate its resources to its newer €1.5 bn fund, Crossbay II. The strategy for Crossbay II, which closed last year with £660 mln (€759 mln) in equity, focuses on acquiring and upgrading existing warehouses with sustainability initiatives, while also considering limited speculative development.