A EUROPEAN logistics company has expanded into the UK market by purchasing a warehouse in Farnborough.
As part of the acquisition of four assets, Crossbay has bought the 40,740 sq ft Aero 40 warehouse unit in the town.
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.
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Crossbay will refurbish the site when the current delivery company tenant vacates it at the end of February. The planned refurbishment will include four electric level access loading doors, new LED lights throughout, new welfare facilities, 9m eaves and 58 parking spaces.
Launched by real estate investment manager MARK, Crossbay’s core locations include Paris, Milan, Madrid, Brussels, Amsterdam and Berlin. Its first portfolio was sold to Prologis for €1.6bn.
Ben Ryan, Crossbay managing director and head of asset management, 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.
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“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.”
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