Refinancing for Crossbay
Crossbay, founded in May 2020 as part of the Mark Group’s multi-platform strategy and the first pan-European logistics platform to focus on single-tenant distribution centres, has agreed a GBP 400 million debt facility with global investment bank Citi to help fund its continued expansion across Europe.
The hunger for finances is continuous. Just in December 2020, Crossbay had secured GBP 550 million as capital raise in equity commitments from different investors to support the growth of its portfolio.
The current facility includes GBP 80 million to cover Crossbay’s near-term and advanced pipeline, which comprises assets in the Benelux region, Germany, Spain and France.
Crossbay will also have access to a GBP 220 million debt accordion to support future acquisitions. Crossbay's investors include the Townsend Group, CBRE GI, Credit Suisse, Nuveen and QInvest LLC. (sh)