Prologis has acquired a portfolio of 128 logistics facilities and six developments in seven European countries, on behalf of its open-ended vehicle Prologis European Logistics Fund (PELF), from last-mile operator Crossbay for €1.585 billion.
All properties and developments, totaling 1.14 million square metres, are located within or in close proximity to major population centres: Italy (Rome and Milan), Netherlands (Amsterdam and Rotterdam), Spain (Madrid and Barcelona), Germany (Nuremburg and Berlin), France (Paris), Belgium (Brussels) and Poland (Lodz).
Approximately 85% of facilities can service areas with a population of more than one million within 30 minutes.
Prologis said this transaction addresses key customer needs for quality real estate solutions in infill and highly urban locations.
“This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs,” said Ben Bannatyne, President, Prologis Europe.
“With the ongoing growth of e-commerce, locations near dense population centres are becoming increasingly important to our customers,” he added.
”With the ongoing growth of e-commerce, demographic shifts towards cities and consumer expectation post COVID-19, city logistics plays a central role in customer location strategies. Urban locations, capable of servicing dense population centres are becoming increasingly important to our customers,” said the company.
“Consumption behaviour is structurally changing. If anything, the growth that logistics underwent to cope with the pandemic has given us a rare real-life insight into warehousing needs 5-10 years from now,” said Joseph Ghazal, Chief Investment Officer Prologis Europe.