Stoneweg Rolls Out Last Mile Logistics Strategy in Partnership with Glovo

Stoneweg has launched a new urban logistics strategy on behalf of clients that will seek to capitalise on the supply / demand tension for last mile delivery assets and the continued growth in e-commerce and q-commerce (quick commerce) penetration. The strategy will be underpinned by a dedicated occupier partnership, whereby Stoneweg will source and acquire selected assets to be exclusively leased by Glovo, supporting the delivery of target returns.

The partnership aims to leverage Stoneweg’s deep real estate expertise and extensive pan-European network to support Glovo’s ambitious plans to expand its operations. Glovo, the Barcelona based Unicorn that operates across 21 countries, is the fastest-growing delivery provider in Europe, western Asia, and Africa.

As real estate partner, Stoneweg will source and acquire upwards 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 Romania, Croatia, Georgia and Ukraine.

Jaume Sabater, CEO at Stoneweg, commented:Through this strategy 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. 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.