In 2020, Rutgers & Posch advised Crossbay on multiple acquisitions of distribution centers in the Netherlands, totaling approximately 100,000 m2 of lettable floor area. The most recent acquisitions took place in December 2020 and concerned assets located at Beiraweg 5 in Amsterdam, after two adjacent properties at Beiraweg 11 and 15 were acquired earlier in 2020, and Bellsingel 61 in Schiphol-Rijk from BCC Elektro Specialezaken, a few days after BCC became part of the Mirage Retail Group, which includes the Blokker group.
Crossbay is the last-mile logistics investment fund of MARK (formerly known as Meyer Bergman). The logistics platform focusses specifically on single-tenant distribution centers near gateway cities throughout Europe, particularly in France, Italy, Germany and the Benelux. Rutgers & Posch advises MARK on the purchase of the assets in the Netherlands, as well as on the fund’s other legal matters, such as structuring, and asset management (leases, ground leases, etc.). We also assist Crossbay with regard to the financing of this fund. Taking into account the recent capital raise of approximately €550m in equity commitments from various international investors and the financing facility of €400m from Citi, Crossbay intends to acquire more assets in the Netherlands in the coming year. Rutgers & Posch is MARK’s designated legal partner and will continue its efforts to support Crossbay to expand the fund towards its target of approximately €2 billion in assets spread over the relevant geographies.