Real estate investment adviser and asset manager Stoneweg has launched a new urban logistics strategy on behalf of clients to take control of over 50 assets which will be exclusively leased by Glovo, a Barcelona-based delivery provider.
The strategy will initially target a portfolio valued at around €100 mln. It will seek to capitalise on the supply/demand tension for last-mile delivery assets and will leverage Stoneweg’s real estate expertise and European network to support Glovo’s expansion plans.
As real estate partner, Stoneweg will source and acquire upwards of 50 last-mile logistics properties in key locations identified by Glovo, which will lease the assets. 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. 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.
‘Through this strategy we will be able to provide our clients with attractive exposure to the last-mile delivery sector, whose growth has accelerated during the pandemic, backed by a strong covenant,’ said Jaume Sabater, CEO at Stoneweg. ‘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: ‘This type of partnership provides us with an effective and capital-efficient platform from which we can expand our infrastructure and grow our newly-launched Q-Commerce division. The team at Stoneweg have the kind of regional expertise that we require and an impressive track record in sourcing attractive opportunities in the urban logistics space, which has become increasingly difficult to access in certain markets. We’re very much looking forward to developing our working relationship together.’
Stoneweg currently has over 40 active mandates and strategies across both equity and debt in Europe and the US, including Spanish Residential Development, European Real Estate Bridge Financing, European Diversified Opportunities and Opportunistic strategies focused on Spain, Italy and Ireland. Its portfolio has a total value of more than €4 bn across Spain, Ireland, Switzerland, Italy and the US.
