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Crossbay fund to transform UK last mile logistics

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A group of European investors has amassed a £495 million war chest as they buy sites for potential last mile logistics hubs.

MARK (formerly the pan-European real estate investment manager, Meyer Bergman), the pan-European real estate investment manager, has raised £495 million for its last mile logistics fund Crossbay from a range of global investors, including Credit Suisse, Nuveen and CBRE GI. The fund was over subscribed by more than £150 million, showing the extent of interest from investors in UK last mile logistics.

Crossbay will target premises occupied by a single tenant near major gateway cities. Growth in France, Germany and the Benelux region is a high priority.

Crossbay's current tenant base includes a mix of 3PLs such as FedEx and DHL as well as e-commerce brands such as Amazon. The fund-raising comes as CoStar report that a City of London car park site has been earmarked as the first last mile logistics hub for the Square Mile. The 250-space car park at London Wall Buildings will be let to Amazon, who fought off competition from ten other bidders for the prime site.

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