The Zurich-based company StoneVest has launched the “Industrial Property Europe (IPE)” investment platform under Luxembourg law and has already made its first investments in Germany.
©: StoneVest AG / Mara Monetti
A new provider in the real estate sector is available to institutional investors. Because two well-known faces in the real estate industry are back: Dr. Wulf Meinel, long-time head of the German real estate business of Carlyle and CEO of Frasers Property Europe until 2019, as well as King Sturge Germany founder and long-time valuation boss of JLL Germany, Bruce Jenyon, start the investment and asset manager StoneVest AG. The company will inform you of this by mail.
The Zurich-based company plans to invest around 500 million euros in “light industrial” and logistics properties in German-speaking countries over the next three to five years. To this end, StoneVest has launched the “Industrial Property Europe (IPE)” investment platform under Luxembourg law.
First investments in Bavaria
With the previous capital commitments from seed investors, investments of up to 100 million euros are possible. The funds are collected from institutional investors and family offices. StoneVest acts as a co-investor and asset manager. The IPE platform has already made its first investments in Germany: two light industrial properties with a total volume of around 30 million euros were acquired in Bavaria as part of off-market deals.
The purchased property in Jettingen-Scheppach comprises almost 30,000 square meters of production and storage space on a 110,000 square meter property. It is leased long-term to a German medium-sized company that operates around the world. The ventilation technology division of the AL-KO Kober Group manufactures and distributes ventilation and cleaning systems for ventilation and air conditioning technology here.
The second property is located in Ettenbeuren and has around 9,000 square meters of production and storage space on a plot of around 50,000 square meters. The long-term tenant is AL-KO Fahrzeugtechnik, which produces chassis trailers for caravans and motorhomes at this location.
Corporate real estate: there is more movement in the market
“In Germany alone, corporate real estate assets are around 2.1 trillion euros. Before that, 35 percent are light industrial properties. Of this, however, only around 100 billion euros are currently held by institutional investors. This proportion will increase in perspective. Because we are seeing a growing willingness to sell among the owners of these corporate properties. At the same time, we see a very high level of interest from family offices and institutional investors in this asset class on the investor side, ”explains Wulf Meinel, founding partner of StoneVest.
StoneVest is currently planning further property acquisitions from medium-sized companies in the DACH region. There, individual investments worth around 10 to 50 million Eruo each are planned in new buildings and existing properties, which will be sold and leased back by technology and production companies with good credit ratings. StoneVest pursues a “manage to core” approach for these properties.
Question about the economic sense
According to studies and market analyzes, most companies in Germany – unlike in the USA and Great Britain, for example – own the real estate they need to operate. Meinel said: “From a business point of view, this doesn’t make very good sense. StoneVest therefore takes over the purchase and rental as well as the development and management of their properties for companies. As a user, companies can then fully focus on their core tasks. As your long-term partner with a regional presence and ‘on-site’ tenant support, we ensure that the rented space always meets the most important requirements for operational processes and that it is used efficiently. ”
Bruce Jenyon, Partner at StoneVest, added: “Corporate real estate has become a sought-after asset class. We anticipate significant growth in this market in the coming years. In this booming segment, we use our long-term market access and look after the tenants as partners after the purchase. “ (aa)
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