Global real estate investment advisor Stoneweg has acquired a Swiss logistics asset in a sale and leaseback transaction with Meier Tobler Group, the Swiss-listed building technology company, on behalf of its Varia Swiss Realtech Properties (VSRP) strategy.
Financial details were not disclosed.
The 48,000 m2 logistics centre located in the canton of Solothurn, in northern Switzerland, is laid out over three storeys. It has flexible usage capabilities and was formerly used as a main distribution centre for the Swiss postal service.
Meier Tobler has leased the entire site until December 2023, after which Stoneweg said it would renovate the property before re-leasing to a new single tenant or multiple tenants, in order to maximise the income potential of the real estate.
The asset is situated in the triangle between Bern, Zürich, and Basel and close to the borders of France and Germany.
Diana Oblak, head of Swiss investments at Stoneweg said: 'This acquisition presented an excellent opportunity for us to acquire a high quality, flexible asset in a prime location between three major cities as we look to expand and strengthen our footprint in the Swiss German region of Switzerland.
'Alongside our partners at Decalia, we will look to undertake a significant programme of active asset management to further drive both income and capital value on behalf of our investors, once the current tenant vacates the property in 2023.'
VSRP was launched in 2017 by Stoneweg and Decalia Asset Management to invest in Swiss commercial real estate assets and projects. Stoneweg said it was targeting deals 'that leverage opportunities that are immune to or benefit from the digital economy'.
These so-called 'realtech' sectors include logistics and industrial; healthcare; education and entertainment; sport and wellness; co-working; and food and beverage. The vehicle currently has 7 assets under management across Switzerland and a total portfolio value of CHF 236.5 mln (€220 mln).
VSRP also recently acquired a newly built, 18,720 m2 logistics asset near Geneva, which is let on long leases to tenants including Swiss watchmaking giants, the Fondation de la Haute Horlogerie and the Campus Genevois de Haute Horlogerie.
'The logistics sector remains highly attractive, having been largely sheltered from the challenges other sectors have faced during the Covid-19 pandemic, with demand for real estate that synergises with the digital economy continuing to thrive,' Oblak concluded.
