Real estate investor Stoneweg has formed a partnership which could lead to the acquisition of more than 50 pre-leased logistics properties.

As part of the newly launched urban logistics “dedicated occupier partnership” with Spanish multi-category delivery start-up Glovo, Stoneweg said it will source and acquire upwards of 50 last-mile logistics properties in key locations identified by Glovo, who will lease the assets. 

Glovo operates in Europe, western Asia, and Africa.

Stoneweg said the partnership’s ”investment targets include grocery retail and urban logistics properties that will, where required, be transformed for use as dark stores, dark kitchens and last-mile fulfilment centres”. 

It said the portfolio will be diversified geographically and focus on major cities across Spain, Portugal and Italy as well as eastern European countries including Romania, Croatia, Georgia and Ukraine.

Jaume Sabater, CEO at Stoneweg, said the strategy will provide the firm’s clients with attractive exposure to the last mile delivery sector, whose growth has accelerated during the pandemic, backed by a strong covenant.

”This strategic partnership with Glovo, one of the leading players in their segment, is a clear endorsement of the strength of our platform and the real estate expertise that we can provide across multiple European markets.

“It represents another major step forward for Stoneweg as we progress our growth and expand our product offering to accommodate innovative strategies while continuing to deliver risk-adjusted returns.”

Sacha Michaud, co-founder at Glovo, said the partnership provides the company with an effective and capital-efficient platform from which Glovo can expand its infrastructure and grow its newly-launched Q-Commerce division.”

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