A £1.26bn European logistics investor has made its first North West acquisition.
Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK, bought an industrial investment on Irlam Business Park near Manchester for more than £11m from Buccleuch Property.
The two warehouses, totalling 83,923 sq ft, sit between Junction 11 of the M60 and Junction 20 of the M6 in Irlam. They are let to two tenants with an average unexpired lease term of more than 11 years.
In December, MARK announced its Crossbay II fund had secured €660m (£556m) in total fund commitments, representing a 20% increase in fund size compared to its predecessor. Including debt financing, Crossbay II has a total investment capacity of over €1.5bn (£1.26bn).
Crossbay plans to grow in the Ƶ, and its Irlam deal follows two recent industrial acquisitions in Yorkshire
Knight Frank advised Crossbay on the acquisition, while Zaman Roberts advised Buccleuch Property.
Craig Barton from Knight Frank said: “These two modern units let to quality tenants, within the prime industrial location of Irlam, west of Manchester provide high specification accommodation with superb motorway access. With continued robust occupational dynamics across the NW, we anticipate strong underlying performance.
“This was an important acquisition for Crossbay and a sign of their belief in the strength of the North West logistics market. They are keen to expand further and we would be interested to hear of any further opportunities.”
Adam Roberts from Zaman Roberts said: "Having advised Buccleuch Property on the purchase in 2016, our client successfully executed their business plan and we are now pleased to have completed the sale to Crossbay.”
Don't miss the latest news and analysis with our regular North West newsletters – sign up here for free
