Thor Equities Group has sold a European warehousing portfolio to Crossbay, the urban logistics platform of pan-European investment manager MARK. The high-quality portfolio of eight assets includes existing warehouses and development sites on the outskirts of major cities in Spain, France, and the Netherlands.
The Spanish assets are situated in the locales of Coslada, Madrid, and Barcelona’s Montcada and El Prat. Dos Hermanas, Seville, and the North West’s Vigo make up the remaining assets in Spain. Villunueve is located within the first ring of Paris, while the Netherlands’ Lisse is on the southwest outskirts of Amsterdam. Tenants in the portfolio include Amazon, Conway, and the Volkswagen Group.
“This successful transaction bolsters Thor’s track record and demonstrates the strong demand for well-located assets across Europe,” said Chairman of Thor Equities Group, Joseph Sitt.
“Given the considerable shortage of development sites and first-class facilities outside of key cities, our portfolio was a highly sought-after opportunity, and we expect strong leasing activity to continue. Thor remains committed to building a best-in-class global logistics portfolio and we look forward to seeing our platform grow further,” he added.
Marco Riva, head of Crossbay and logistics at MARK, commented: “Spain, France, and the Netherlands remain key target markets for us and these acquisitions build upon the existing presence we have there. The rapid growth of the Crossbay platform in the space of two years is a vindication of our continental European ‘beds and sheds’ strategy, which is focused on aggregating granular assets to create institutional-grade portfolios of scale.”
Jones Day’s Real Estate multijurisdictional team was formed by of counsel Víctor Casarrubios and associate Luis Pérez Casas (Madrid), Real Estate practice leader Anna Cartwright and associate Liridon Sylisufi (London), M&A counsel Bastiaan Kout (Amsterdam), partner Erwan Le Douce-Bercot and of counsel Flavia Poujade (Paris).