£11m deal sees European logistics firm snap up Irlam site

Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK, has acquired an industrial investment on Irlam Business Park near Manchester from Buccleuch Property for in excess of £11m.
The purchase marks further expansion into the UK for Crossbay with the asset being its first acquisition within the North West, following two recent industrial acquisitions in Yorkshire.
The Irlam scheme comprises two modern, semi-detached warehouses totalling 83,923 sq ft, let to two tenants with an average unexpired lease term of more than 11 years.
The property is in a prime location between junction 11 of the M60 and junction 20 of the M6 in Irlam.
Zaman Roberts advised Buccleuch Property while Knight Frank advised Crossbay on the acquisition.
Craig Barton, from Knight Frank, said: “These two modern units let to quality tenants, within the prime industrial location of Irlam, west of Manchester, provide high specification accommodation with superb motorway access.
“With continued robust occupational dynamics across the NW, we anticipate strong underlying performance.”
He added: “This was an important acquisition for Crossbay and a sign of their belief in the strength of the North West logistics market.
“They are keen to expand further and we would be interested to hear of any further opportunities.”
Adam Roberts, from Zaman Roberts, said: “Having advised Buccleuch Property on the purchase in 2016, our client successfully executed their business plan and we are now pleased to have completed the sale to Crossbay.”