MARK Capital Management, a pan-European real estate investment manager, has achieved a final close for the latest vehicle in its urban logistics fund series, Crossbay.
Crossbay II has secured €660m in total fund commitments, representing a 20% increase in fund size compared to the predecessor vehicle. Including debt financing, Crossbay II has a total investment capacity of over €1.5bn, which will be deployed and managed by Crossbay's on-the-ground teams across the major markets in Europe.
New investors include pension funds, pension insurance companies, sovereign wealth funds and family offices from across Europe, Asia and the US. Returning investors include CBRE Investment Management Indirect Real Estate Strategies, the fund’s largest investor.
The fund is on target to be over 60% committed by year-end, with a specific focus on existing single-user distribution centres in urban locations within European gateway cities where supply-demand imbalances are most acute.
Including near-term pipeline, Crossbay II currently manages c.€1bn in assets, with investments in the UK, France, the Benelux region, Germany, Spain and Italy.
MARK Capital Management first started investing in urban logistics in 2018. Crossbay I, the manager’s first dedicated urban logistics fund, secured €550m in equity commitments and is fully realised after a successful exit in 2022.
Crossbay is led by CEO Marco Riva, previously of Logicor, with sourcing and asset management capabilities executed by on-the-ground logistics experts in each of the markets in which Crossbay operates.
Source: press release received on 03.12.2024