LOGISTIC AND LIGHT INDUSTRIAL INVESTMENTS
LOGISTIC AND LIGHT INDUSTRIAL INVESTMENTS
Real Value
for REAL Assets
LOGISTIC AND LIGHT INDUSTRIAL INVESTMENTS
LOGISTIC AND LIGHT INDUSTRIAL INVESTMENTS
Real Value
for REAL Assets
StoneVest specialises in logistics and light industrial investments in the European DACH region. For family offices and institutional investors we offer a reliable and value-adding platform for this asset class.
StoneVest specialises in logistics and light industrial investments in the European DACH region. For family offices and institutional investors we offer a reliable and value-adding platform for this asset class.
„Corporates entrust us with their operational real estate in order for them to fully focus on their core business activities. As an experienced real estate firm with its own asset management platform, StoneVest acquires logistic and light industrial properties and creates added value for investors and users, through pro-active asset management services.“
„Corporates entrust us with their operational real estate in order for them to fully focus on their core business activities. As an experienced real estate firm with its own asset management platform, StoneVest acquires logistic and light industrial properties and creates added value for investors and users, through pro-active asset management services.“
Dr. Wulf Meinel
Corporate real estate has evolved into a sought-after investment segment in recent years.
Logistic and light industrial property is subject to constant evolution, driven by techno-logical and economic innovation as well as the strong growth of online commerce.
We achieve tangible value enhancement potential at property and portfolio level through the following measures:
Developments („Build-to-Core“)
- Optimization of the financing structure
We develop individual investment solutions for corporates and their real estate.
We develop individual investment solutions for corporates and their real estate.
StoneVest is an independent, privately owned real estate investment and asset manager with a focus on logistics and operationally essential „light industrial“ properties located in Germany, Austria and Switzerland, where companies store, produce and conduct re-search as tenants.
StoneVest is a co-investor and works in partnership with their capital partners.
The two StoneVest partners have many years of experience and in-depth knowledge of the European real estate investment markets as well as in real estate financing and valuation. Business trends are quickly identified and solutions are implemented in a targeted manner.
„Our special expertise in the light industrial and logistics market makes us the preferred partner in this high-opportunity and high-demand sector for European real estate investments.“
„Our special expertise in the light industrial and logistics market makes us the preferred partner in this high-opportunity and high-demand sector for European real estate investments.“
Bruce Jenyon
Business-Insights
New York/Zurich, April 10th, 2024
A joint venture between Zurich-based investment and asset manager, StoneVest AG, and an entity managed by Madison International Realty, a leading liquidity provider to real estate investors worldwide, have acquired a light industrial property south of Berlin, Germany, from KWC Aquarotter GmbH, a leading provider of sanitary fittings for public facilities.
The asset, which comprises 15,500 sqm of warehouse and office space, has been acquired via a sale and leaseback transaction, with KWC Aquarotter signing a long term lease, over 15 years, as part of the agreement.
The acquisition is the latest deal for the joint venture and aims to purchase up to EUR 150 million of light industrial and logistics properties over the next three years. The joint venture is focused on sale and sale and leaseback deals on new and existing properties valued between EUR 10 million and EUR 50 million in Germany, Austria and Switzerland within important industrial hubs that benefit from excellent transport connectivity.The property is located on a plot of almost 24,000 sqm at Parkstrasse in Berlin-Ludwigsfelde. This is part of the established Ludwigsfelde commercial and retail zone, which is characterized by its direct access to the A10 freeway and its close proximity to the Ludwigsfelde regional train stop.
StoneVest is responsible for the asset management of the property, which was completed in1997 and subsequently refurbished in 2005. StoneVest will work closely with KWC Aquarotter to ensure the space aligns with the tenant’s long term business objectives, including advancing digitalization and supporting ongoing „nearshoring“. Madison and StoneVest also aim to make improvements to the asset’s ESG performance.
Carey Flaherty, Chief Investment Officer of Madison International Realty, commented: “This latest acquisition continues to demonstrate our venture’s ability to acquire high quality light industrial assets through structured sale and leaseback transactions. By working closely with our occupiers through the asset management process, we unlock liquidity to support their ongoing business operations while seeking to maximize the value of these properties on behalf of our investors.”
Dr. Wulf Meinel, Founding Partner StoneVest AG, commented: „We are delighted with the successful completion of the acquisition in Berlin. Despite the ongoing challenges in the German real estate market, transactions in the light industrial sector remain possible. Many owners are now looking for partners for the modernization of their buildings, also in the context of so-called „sale and leaseback” transactions, which can provide liquidity for corporate growth and optimize corporate capital structures.”
Marten van der Mei, Managing Director of KWC-Aquarotter GmbH, said: „The decision to sell our site in Ludwigsfelde and lease it back on a long-term basis enables us to further develop our company with a view to future market requirements. StoneVest’s expertise in the management of corporate real estate provides us with optimal conditions for this. We are confident that this partnership will create long-term benefits for both sides.“
The joint venture previously closed on two long lease light industrial properties in Ba-varia through a capital partner replacement transaction from the „Industrial Properties Europe“ investment platform launched by StoneVest in 2021.
This latest purchase was brokered by Swiss Recap. Willkie Farr & Gallagher LLP provided legal advice to the buyer
© KWC Aquarotter GmbH
About StoneVest AG
StoneVest AG is an independent, privately owned real estate investment and asset manager based in Zurich. The company develops tailor-made investment solutions for operational „light industrial“ and logistics properties in Germany, Austria and Switzerland, where companies store, produce and conduct research. StoneVest is a co-investor and works in partnership with selected investors.
www.stonevest.com
About Madison International Realty
Madison International Realty is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Amsterdam, Luxembourg, Los Angeles, Singapore and Frankfurt. Since inception, Madison has raised over $8 billion in capital commitments from more than 175 institutional investors around the world.
Media contact (Germany):
Sevgi Metzger I Sevgi Communications
Alfred-Schütte-Allee 132 I
51105 Cologne
Phone: +49 (0)170 5836756
Email: sm@sevgi-communications.de
Media contact (UK):
FTI Consulting
Richard Sunderland / Andrew Davis
madison@fticonsulting.com
+44 20 3727 1000
New York/Zurich, March 11, 2024
- Capital commitments of both partners enable acquisitions of ca. EUR 150 million of light industrial and logistics properties over the next three years.
- The investment focus will be on operationally necessary production and warehouse properties that are leased to medium-sized companies.
- The JV has been seeded with the acquisition of two light industrial properties located in Bavaria from an existing venture managed by StoneVest through a capital partner replacement.
- Senior financing for the initial two properties has been signed with a German savings bank.
Zurich-based investment and asset manager, StoneVest AG, and an entity managed by Madison International Realty, a leading liquidity provider to real estate investors worldwide, have launched a joint venture for the acquisition of light industrial and logistics properties. Over the next three years, the joint venture partners expect to acquire assets with a total value of up to EUR 150 million.
The joint venture will target new and existing properties valued between EUR 10 million and EUR 50 million, with a particular focus on sale and leaseback transactions and purchases of leased corporate real estate. The joint venture will acquire properties located in Germany, Austria and Switzerland, within important industrial hubs that benefit from excellent transport connectivity.
The joint venture has already closed on two long lease light industrial properties in Bavaria through a capital partner replacement transaction from the „Industrial Properties Europe“ investment platform launched by StoneVest in 2021.
The first property is in Hilpoltstein near Nuremberg on the A9 motorway and comprises 13,300 sqm of production and warehouse space on a 28,000 sqm site. It is leased to a specialist illuminated signage company. The second property is an 8,900 sqm production and storage asset in Ettenbeuren on the A8 between Ulm and Augsburg. It is fully leased to an automotive supply company that manufactures chassis trailers for caravans and motorhomes.
Since the launch of its Industrial Properties Europe investment platform in 2021, StoneVest has established partnerships with medium-sized companies in the technology and manufacturing sectors in the DACH region. Through the sale and leaseback of their operationally essential properties, companies are able to free up growth capital and by working with StoneVest they can modernize their owner-occupied and portfolio production buildings, create sustainable business locations and secure their competitiveness in a changing market environment. Due to the long-term nature of the leases and the ongoing collaboration with the tenants in the management of the properties, this sub-segment is interesting for investors such as Madison International Realty and StoneVest, as an operating partner.
Carey Flaherty, Chief Investment Officer of Madison International Realty, commented: „We believe light industrial real estate offers numerous opportunities for attractive investments in Germany, Austria, and Switzerland due to these countries’ stable economies and diversified industrial tenant bases. The sector benefits from strong occupier demand with this strategy’s focus on sale and leaseback transactions enabling an opportunity to work with existing tenants in seeking to help them grow their businesses and secure their tenancy for the long term. We look forward to developing our new partnership with StoneVest AG, an experienced specialist in this sector, and aim to build a high quality portfolio and unlock additional value on behalf of our investors.“
„We are excited to welcome Madison International Realty as our partner in this joint venture. Their expertise in international real estate investment combined with our experience in the European light industrial sector positions us well to capitalize on opportunities in the DACH region. Together, we aim to create a high-quality portfolio of strategically located assets while enhancing the value of our existing and upcoming properties“, said Bruce Jenyon, Partner at StoneVest AG.
Willkie Farr & Gallagher LLP served as legal advisor to StoneVest on the transaction. Goodwin Proctor LLP served as legal advisor to Madison International Realty on the transaction.
About StoneVest AG
StoneVest AG is an independent, privately owned real estate investment and asset manager based in Zurich. The company develops tailor-made investment solutions for operational „light industrial“ and logistics properties in Germany, Austria and Switzerland, where companies store, produce and conduct research. StoneVest is a co-investor and works in partnership with selected investors.
www.stonevest.com
About Madison International Realty
Madison International Realty is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Amsterdam, Luxembourg, Los Angeles and Frankfurt. Since inception, Madison has raised over $8 billion in capital commitments from more than 175 institutional investors around the world.
www.madisonint.com
Media contact (Germany):
Sevgi Metzger I Sevgi Communications
Alfred-Schütte-Allee 132 I
51105 Cologne
Phone: +49 (0)170 5836756
Email: sm@sevgi-communications.de
Media contact (UK):
FTI Consulting
Richard Sunderland / Andrew Davis
madison@fticonsulting.com
+44 20 3727 1000
- The purchased light industrial property is leased to Maas + Roos Signage GmbH.
- It is the third acquisition for StoneVest’s investment platform „Industrial Property Europe” (IPE).
- IPE plans to invest up to EUR 500 million in operationally essential „light industrial“ and logistics real estate over the next 3-5 years.
- StoneVest partners up with mid-sized companies to unlock growth capital through the sale and lease back of operationally essential properties.
Hipoltstein / Zurich, 24th March 2022
Stonevest AG, Zurich, has acquired the property „An der Autobahn 3-9 in Hilpoltstein near Nuremberg for its „Industrial Properties Europe“ (IPE) platform as part of an asset deal. The property is fully let to Maas + Roos Signage GmbH. The parties have agreed not to disclose the purchase price. The transaction was accompanied by Willkie Farr & Gallagher, Frankfurt, (legal advice), JLL, Frankfurt, (valuation), Duff & Phelps, Frankfurt, (technical due diligence) and immvert, Nuremberg, (brokerage).
The property has a total lettable area of approximately 13,300 square metres and 140 parking spaces. The location in the „An der Autobahn“ business park is directly connected to the A9 highway between Nuremberg and Ingolstadt.
Maas + Roos Signage specialises in illuminated advertising signage and has its headquarters in Hilpoltstein. It is also where the company developed the world’s first fully recyclable illuminated letters. The company’s customer base has a global reach and includes many well-known retail and industrial brands.
Alexander von der Grün, CEO of Maas + Roos Signage GmbH, says: “By selling our property to StoneVest, we have found a strong partner that will allow us to continue to grow at Hilpoltstein. This step allows us to fully focus on our core business and on our customers, which include a world-renowned Swedish furniture retail group and the Swiss luxury watch manufacturer ROLEX SA.“
Further individual investments for the IPE platform with a volume of between EUR 10 to 50 million per property asset are planned or in preparation by StoneVest. For these properties, StoneVest pursues a „Manage to Core“ approach. Here, StoneVest closely supports the tenants and implements any conversions that become necessary for them. This enables the tenants to realise technologically required innovations.
Zurich, 29th November 2021
StoneVest AG announced today that Thomas Schmengler, former managing director of Deka Immobilien, will be supporting the company as an external real estate investment consultant. He will support the Zurich-based companies’ expansion in the logistics and light industrial real estate market in German-speaking countries.
Thomas Schmengler joins StoneVest for the sourcing as well as the acquisition and sale of logistics and light industrial properties. StoneVest was founded in early 2021 by Dr. Wulf Meinel and Bruce Jenyon. The company plans to invest up to EUR 500 million in „light industrial“ and logistics properties in German-speaking countries over the next three to five years. To this end, StoneVest has launched its own investment platform „Industrial Property Europe (IPE)“ under Luxembourg law. The funds are collected from institutional investors and family offices. StoneVest acts as co-investor and asset manager. Properties in southern Germany have already been acquired.
Dr. Wulf Meinel, founding partner at StoneVest AG says: „We have known Thomas for many years from his previous professional milestones and particularly value his know-how from around 40 years of market experience, but also his extensive network on the owner side.“
Bruce Jenyon, Partner at StoneVest, adds: „We will continue to expand with Stone-Vest into the growing market for logistics and light industrial real estate in the Euro-pean DACH region. Discussions for further investment commitments and acquisitions are already well advanced. I have worked at Jones Lang LaSalle with Thomas and have known him for more than 30 years. We are delighted to have Thomas‘ vast ex-pertise and business experience on board.“
In 2019, Thomas Schmengler retired at his own request after almost 39 years in the real estate industry and eleven years at Deka Real Estate to focus on supervisory board mandates at selected companies. Born in Koblenz, he was most recently Managing Director of Deka Immobilien GmbH as well as of the capital management company Deka Immobilien Investment GmbH.
Before joining Deka, the economics graduate was Managing Director of the KIZ Group, a property development company based in Bad Soden-Salmünster. Prior to that, he worked for Jones Lang LaSalle for around 18 years, where he was most re-cently responsible for the German brokerage and investment business as a member of the Management Board and International Director. He also headed the Frankfurt office of Jones Lang LaSalle.
Der frühere CEO von Geneba, Wulf Meinel, hat sich mit dem einstigen King-Sturge-Deutschlandchef Bruce Jenyon zusammengetan. Mit ihrem gemeinsamen Unternehmen StoneVest investieren die beiden von Zürich aus in Light-Industrial- und Logistikimmobilien in Deutschland, Österreich und der Schweiz. Das Hauptaugenmerk soll in der Anfangsphase auf Produktionsimmobilien liegen, die per Sale-and-Leaseback erworben werden. Als Seed-Investor hat StoneVest ein englisches Family Office gewonnen, das 30 Mio. Euro beisteuert. Damit können im ersten Schritt 100 Mio. Euro angelegt werden. Die Investments erfolgen als Club-Deals über eine in Luxemburg registrierte Investment-Plattform namens „Industrial Property Europe“, bei der StoneVest als Co-Investor agiert. Einen ersten Sale-and-Leaseback-Deal hat das Unternehmen mit dem Industriekonzern Al-Ko Kober für dessen Standorte in Jettingen-Scheppach und Kammeltal-Eppenbeuren (beides Bayern) abgeschlossen. Vermittelt wurde die Transaktion durch WIB Immobilien, Finanzierungspartner ist die DZ Hyp. In den nächsten fünf Jahren soll das Investitionsvolumen beständig auf 500 Mio. Euro wachsen. Perspektivisch sind auch Logistik-Projektentwicklungen geplant.
Die maximalen Zuschüsse der neuen Programme sind nun höher: Käufer oder Bauherren erhalten für energieeffiziente Immobilien bis zu 37.500 Euro je Wohneinheit – bisher betrug der höchste Tilgungszuschuss 30.000 Euro. Energetische Sanierungen von Bestandsimmobilien fördert der Staat nun mit bis zu 75.000 Euro je Wohneinheit (bislang: Tilgungszuschuss von höchstens 48.000 Euro). Zinsgünstige Kredite sind bis zu einer Höhe von 150.000 Euro statt 120.000 Euro möglich.
„Problematisch erscheint zudem, dass nur etwa die Hälfte der deutschen Unternehmen in Immobilien gebundenes Kapital einer Renditeanforderung unterlegt und einem finanzwirtschaftlichen Controlling unterzieht.“
Prof. Dr. Andreas Pfnür, TU Darmstadt, ZIA Studie „Volkswirtschaftliche Bedeutung von Corporate Real Estate in Deutschland“, 2014
Die Immobilienunternehmer Wulf Meinel und Bruce Jenyon gründen gemeinsam einen Investment- und Asset-Manager. Im Segment Logistik sehen sie ein erhebliches Marktvolumen.
Der frühere Immobilienchef von Carlyle Deutschland und CEO von Geneba Properties, Wulf Meinel, und Bruce Jenyon, der das Maklernetzwerk King Sturge nach Deutschland holte, machen gemeinsame Sache. Die beiden haben den Investment- und Asset-Manager StoneVest mit Sitz in Zürich gegründet.
Über eine Luxemburger Investmentplattform wollen sich Meinel und Jenyon mit StoneVest dem „boomenden Marktsegment der Light-Industrial- und Logistikimmobilien“ zuwenden. Beide Nutzungsarten haben in der Coronakrise nochmals deutlichen Rückenwind bekommen, in den kommenden Jahren könnte sich das Segment zu einer „Mainstream-Assetklasse“ entwickeln, heißt es in einer Mitteilung. Das Marktvolumen schätzen sie auf rund 280 Milliarden Euro.
„Durch ein professionelles Immobilienmanagement lässt sich die Arbeitsproduktivität steigern.“
Prof. Dr. Andreas Pfnür, TU Darmstadt, ZIA Studie „Volkswirtschaftliche Bedeutung von Corporate Real Estate in Deutschland“, 2014