Information on the Target

Thor Equities Group, a prominent player in urban real estate development, leasing, and management, has successfully completed the sale of a European warehousing portfolio to Crossbay, which operates as the urban logistics platform under the pan-European investment manager MARK. This portfolio comprises eight high-quality assets that include both established warehouses and development sites located in key urban areas on the outskirts of major cities across Spain, France, and the Netherlands.

Specifically, the assets in Spain are distributed across several locales, including Coslada, Madrid, and Montcada and El Prat in Barcelona. Additionally, the portfolio features properties in Dos Hermanas, Seville, and Vigo in the North West. In France, one of the key assets is situated in Villeneuve, located within the first ring of Paris. The Netherlands contributes with a property in Lisse, which lies on the south-western outskirts of Amsterdam. Notably, among the tenants occupying these warehouses are renowned companies such as Amazon, Conway, and the Volkswagen Group.

Industry Overview in the Target's Specific Country

The urban logistics sector within Europe is significantly evolving, driven by the increasing demand for efficient supply chain solutions and the rapid growth of e-commerce. In particular, the warehousing market in Spain, France, and the Netherlands has witnessed substantial investment activity, continuing to attract global players seeking to establish or expand their presence in these regions.

Spain's logistics industry is thriving, bolstered by strategic geographic positioning and infrastructure that facilitate swift distribution across Europe. Cities like Madrid and Barcelona are pivotal hubs that serve both local and international markets. The consistent growth in online shopping is further accelerating the requirement for modern logistics facilities that can service last-mile delivery demands.

France also presents a robust landscape for logistic developments, with significant investments in urban warehouses that meet the evolving needs of businesses aiming for greater agility in their supply chain. The Paris metropolitan area, in particular, offers numerous opportunities for warehousing solutions due to its dense population and strong consumption rates.

In the Netherlands, the logistics sector benefits from a strong economy and advanced infrastructure, establishing itself as a logistic hub in Europe. The country possesses a high concentration of distribution centres strategically located to facilitate efficient delivery throughout the continent. Amsterdam, along with its surroundings, is witnessing a surge in warehouse developments to accommodate the growing appetite from international retailers and logistics service providers.

The Rationale Behind the Deal

This transaction is a strategic move following the ever-increasing demand for well-positioned logistics assets in urban areas, particularly given the shortage of available development sites in major European cities. Thor Equities recognized the substantial interest in their portfolio of prime assets, which are crucial for companies requiring quick access to urban centres. By selling to Crossbay, Thor consolidates its reputation for providing highly desirable properties while retaining a focus on enhancing its logistics portfolio.

Further, the acquisition complements Crossbay’s expanding portfolio, which has seen over 120 assets secured across Europe since its inception in May 2020. This growth underscores the effectiveness of Crossbay’s strategy to target single-user distribution centres located within a 30-minute commute from city centres, paving the way for sustained strong leasing activity.

Information About the Investor

Crossbay is a well-regarded urban logistics platform developed under the umbrella of MARK, a leading pan-European investment management firm. Since its launch, Crossbay has established itself as one of Europe’s largest pure-play urban logistics portfolios, with a vast geographical footprint across multiple key markets, including Italy, France, Spain, Belgium, Germany, and the Netherlands.

The platform's focus remains on acquiring and operating distribution centres that meet the demands of high-profile logistics tenants, including industry giants like FedEx, Amazon, and DHL. As the head of Crossbay and logistics at MARK, Marco Riva has been instrumental in driving the platform's rapid growth, emphasizing the organization’s commitment to building substantial portfolios of scale through a focus on granular asset aggregation.

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The completion of this transaction represents a strategically sound investment for both Thor Equities and Crossbay. For Thor, the sale not only enhances its reputation but also enables the company to reallocate resources towards further development within its logistics portfolio. The strong demand for urban logistics assets reflects a growing awareness and urgency in the market, making the timing of this sale particularly advantageous.

Crossbay, on the other hand, stands to benefit from the acquisition by bolstering its presence in key European markets, especially amidst an ever-tightening supply chain environment. Its focused strategy of acquiring centrally located distribution centres resonates well with the market's current needs, positioning Crossbay favorably for future growth.

Ultimately, this deal highlights the renewed interest in urban logistics as a critical component of modern supply chains. Given the foresighted strategies employed by both parties, it appears to be a sound investment that aligns with broader market trends and underscores the importance of logistics in today’s economy.

In conclusion, both Thor Equities and Crossbay have demonstrated their understanding of market dynamics and capitalized on opportunities present in the urban logistics space. The deal could very well pave the way for further successful endeavors in this highly lucrative sector.

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