Crossbay Acquires 325,000 Sq Ft Across Birmingham and Lutterworth in Triple Logistics Deal

Crossbay, the urban logistics strategy of pan-European real estate investment manager MARK Capital Management, has completed the acquisition of three UK logistics assets totaling 325,000 sq ft across Birmingham and Lutterworth, the firm announced Sept. 16. The portfolio, acquired from charitable organizations, takes Crossbay's UK footprint beyond 1.75 million sq ft. The three-asset package is understood to have traded for approximately £35 million, or roughly £108 per sq ft.

Three Fully Let Assets Spanning the West and East Midlands

The acquisitions comprise two single-let assets in Birmingham and one distribution center in Leicestershire, all fully occupied at the time of purchase.

The largest of the three is Unit 3320, Magna Park, Lutterworth — a 185,000 sq ft distribution facility situated within the UK's Logistics 'Golden Triangle' at Hunter Boulevard, Magna Park. The asset is fully let to VWR International Ltd, which has operated its primary UK distribution center at the site for more than 30 years.

In Birmingham, Crossbay acquired Apex II at Waterside Park, Golds Hill Way, Tipton — an 85,000 sq ft warehouse let to A.F. Blakemore & Son Limited, a convenience and wholesale distributor. The asset sits between the M5 and M6 motorways in the West Midlands logistics corridor. Crossbay plans to implement a targeted capital expenditure program to deliver Grade A, ESG-focused upgrades and capture underlying rental reversion at the property.

The third asset, Coombswood Business Park in Halesowen, is a 55,000 sq ft facility that has been let to Toolbank since construction. The low-density site offers what Crossbay described as immediate access to reversion within 12 months, indicating a near-term lease event such as a rent review or break option.

Advisory Roles

Crossbay was advised by Apex Real Estate Advisors LLP on the Apex II, Tipton acquisition, by Avison Young on the Toolbank asset at Halesowen, and by SBYRE on Magna Park in Lutterworth.

On the vendor side, MK2 Real Estate Ltd advised the seller on Apex II. Aspect Real Estate advised the vendor on the Toolbank asset, and Stonehill Partners advised on Magna Park. All three assets were sold by charitable organizations.

Strategy and Market Context

The acquisitions reflect Crossbay's continued focus on core regional logistics hubs with reversionary income potential. Broader repricing across the UK logistics market since the peak of the pandemic-era boom has maintained what the firm views as an attractive entry point for assets with strong occupational fundamentals.

Crossbay also invests across Germany, France, Italy, Spain, and the Benelux region. In the UK, the platform recently completed one of West Yorkshire's largest industrial letting deals of 2025, according to the firm.

"Our deep origination network, growing dedicated Crossbay team, and full lifecycle capabilities, together mean we can continue to deliver value for our LPs, who increasingly seek access to the urban logistics segment thanks to its highly defensive profile," said Devan du Plooy, Managing Director at MARK Capital Management.

Rodney Hunt, Vice President at Crossbay, added: "These acquisitions underscore our continued conviction in core UK regional logistics hub assets with strong fundamentals and clear reversionary upside. Broader repricing across the market has maintained an attractive entry point, following the highs of the pandemic-era boom."

Portfolio Scale

With the three Midlands assets now added, Crossbay's UK portfolio exceeds 1.75 million sq ft of urban and last-mile logistics space. The Tipton and Halesowen assets, in particular, are positioned for near-term rental uplifts as Crossbay executes its asset management plans.

Sources

MARK Capital Management — Crossbay expands UK portfolio with triple acquisition (Sept. 16, 2026)