Glovo Partnership

Investment Rationale

Glovo is a Spanish start-up founded in Barcelona in 2014, key player in the on-demand food retail sector. Currently operating in 17 countries and more than 700 cities, Glovo represents an established and fast-growing business with more than 8m yearly active users, 47k monthly active couriers achieving more than 2bn gross sales.

As real estate partner, Stoneweg is seeking to invest €100 million in building and refurbishing prime city real estate in some of Glovo’s key markets. This will help accelerate the expansion of the brand’s infrastructure and fulfilment centres, as more retail partners sign up to its Q-Commerce offering.

Stoneweg will source and acquire a in excess of 50 last mile logistics properties in key locations identified by Glovo, who 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 Poland, Romania, Croatia, Georgia and Ukraine.

Key Data

Total Investment Target€ 100 million
Target IRR+15%

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