The new Bay Fund set up by urban logistics platform Crossbay has acquired a 9,000 square meter warehouse near Milan, Italy.
The logistics property in Pieve Emanuele includes a warehouse with 18 loading bays.
It is the first purchase of the closed-end real estate investment Bay Fund specialises in last-mile logistics. The fund is managed by Kryalos SGR, a private and independent asset management company.
Pieve Emanuele is 20 km from the center of Milan and 20 km from Pavia and near the motorway that connects Binasco to Melegnano and also the A1.
Crossbay and Kryalos SGR plan to enhance the property and also substantially improve its ESG parameters.
The work includes the demolition of the internal spaces, the renovation of the offices, the replacement of the systems, the roof and the loading bays, as well as the complete renovation of the facade. This should be completed by the second quarter of 2024.
Crossbay, which is focused on single-user distribution centres near gateway cities, is a pan-European urban logistics platform incubated by multi-platform investment manager MARK. It targets €4bn in value.
Milan warehouse is ‘interesting asset’
Paolo Bottelli, CEO of Kryalos Sgr, says, “This acquisition is the first concluded by the new fund, Crossbay’s Italian investment platform, and concerns a very interesting logistics asset, in terms of characteristics and strategic position, which we will enhance through an intervention of renovation. We are also very satisfied that MARK Capital Management has chosen to consolidate the relationship with our company and to continue developing its strategy in Italy together with us.”
Marco Riva, CEO of Crossbay and head of logistics at MARK, says, “Italy is a key target market for Crossbay and we are pleased to have completed this acquisition through Bay Fund. There is significant value-added potential through extensive restructuring, enabling us to create value in one of Europe’s largest economies and one of the most resilient logistics markets.”