MARK Capital Management, a pan-European real estate investment manager, has achieved a final close for the latest vehicle in its urban logistics fund series, Crossbay. Crossbay II has secured €660m (£546m) in total fund commitments, representing a 20% increase in fund size compared to the predecessor vehicle.
Including debt financing, Crossbay II has a total investment capacity of over €1.5bn (£1.24bn), which will be deployed and managed by Crossbay’s on-the-ground teams across the major markets in Europe.
The fund is on target to be over 60% committed by year-end, with a specific focus on existing single-user distribution centres in urban locations within European gateway cities where supply-demand imbalances are most acute.
Including near-term pipeline, Crossbay II currently manages c. €1bn (£830m) in assets, with investments in the UK, France, the Benelux region, Germany, Spain and Italy.
Crossbay chairman and MARK Capital Management CEO Marcus Meijer said: “While there is a brightening macroeconomic outlook and clear tailwinds behind urban logistics, we recognise uncertainty remains and so would like to thank our investors for placing their trust in us.
“We are seeing enhanced investor appetite to work with specialist managers raising tactical funds with a tight thematic focus to access growth opportunities within real estate.
“This was the rationale behind our pivot away from diversified funds and into sector-specific strategies like Crossbay, with the latest fund surpassing the last in size and attracting a more geographically diverse investor base, positioning us well for our next fundraise.”
