European logistics giant Crossbay has moved into the UK market, with the purchase of its first assets there.
As part of the acquisition of four assets, Crossbay has purchased the 40,740 sq ft Aero 40 warehouse unit in Farnborough, north Hampshire.
Property consultancies Vail Williams and JLL have been appointed to market the Southwood Business Park unit, which is likely to be available for occupation in Q2 2024.
Leading logistics investor Crossbay is to spend significantly on refurbishing the prominently-located site when the current delivery company tenant vacates end of February.
Crossbay is Europe’s largest logistics platform focusing on single-tenant distribution centres near the continent’s gateway cities.
Launched by leading real estate investment manager MARK, Crossbay’s core geographies, include Paris, Milan, Madrid, Brussels, Amsterdam, Berlin and other leading European economies. Its first portfolio was sold to Prologis for €1.6bn.
Ben Ryan, Crossbay Managing Director and Head of Asset Management, UK, said: “Aero 40 marks the bricks and mortar beginning of our journey in the UK. We are investing heavily in real estate to benefit, particularly but not solely, logistics occupiers of our many properties.
“Urban logistics and supply chains are integral to everyday life as technology continues to change the way we live and shop and consumers want convenience, flexibility and speed as part of today’s on-demand culture.
“Our well located and connected facilities close to key urban centres across Europe continue to thrive and we anticipate strong interest in Aero 40, in the strategic location of Farnborough”
James Newton, Senior Surveyor at Vail Williams said: “Crossbay will refurbish the unit to a very high standard, making it energy efficient, BREEAM-certified and ready for immediate tenant occupation in Q2 2024
“It is a timely move by Crossbay as there is a real lack of mid-box industrial supply across the regional market and still signs of rental growth. This is a fantastic opportunity for occupiers seeking quality industrial space in already an under supplied market.
“Aero 40 also has strong transport links, being just 1.3 miles from the M3. Farnborough, best known for its aerospace industry businesses, aviation links and air festival, is an excellent location because west London, south Oxford and the south coast are all within an hour’s drive.
Following refurbishment, Aero 40 will benefit from 4 electric level access loading doors, new LED lights throughout, new welfare facilities, Grade A offices, 9m eaves and a large 38m deep secure yard. and 58 parking spaces.
