Icona Capital Acquires Cromwell’s European Platform via Stoneweg, Doubles Real Estate Aum to €8 Billion

Icona Capital, a leading alternative investment company, has entered into a binding agreement with Cromwell Property Group to acquire their European fund management platform and associated co-investments via Stoneweg, a real estate manager, which totals up to €3.9 billion of real estate assets under management, for a total consideration of €280 million, this includes:

• 100% interest in Cromwell Europe Limited
• 27.8% unitholding in CEREIT, a real estate investment trust listed in Singapore with a €2.2billion portfolio
• 100% interest in the Singapore-based Manager of CEREIT
• 50% interest in the Cromwell Urban Italy Logistics Fund

The enlarged group led by Icona’s founder and current CEO, Max-Hervé George (Stoneweg Strategic Shareholder), Stoneweg’s co-founders, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions) will manage €8 billion in assets, providing equity and debt investment and development expertise in the residential, light industrial, logistics, hospitality, office, and cultural and leisure sectors across 15 European countries. The combined platform will continue to operate as Stoneweg.

In total, across a mix of core, core+ and value-add funds and mandates, Cromwell’s European platform comprises over 160 assets and 1,600 tenants, with 14 local offices in 12 European countries.

This transformational transaction will build on the strengths and strong track records of both Icona Capital and Cromwell Europe to create a leading European real estate business, with diverse and substantial capital relationships and product offerings.

Max-Hervé George, Founder & CEO of Icona Capital, commented: “Icona joined Stoneweg as a strategic shareholder and investor in 2022, with the clear objective of building the business into a leading global real estate player. We are thrilled to have participated in this transformative transaction, which lays the foundation for both Icona and Stoneweg to achieve this goal by expanding our market presence and deepening our partnership.”

“This milestone will create a real estate powerhouse in Europe, combining deep market insights with a broad geographic footprint. Our shared expertise enables us to deliver unique investment opportunities that will significantly enhance the dynamism of the European real estate markets. With Cromwell’s robust platform, Stoneweg’s innovative strategies, and our financial strength, we are positioned to drive our transformation into a leading global real estate player.”

Stoneweg Founder & current CEO, Jaume Sabater, commented, “This milestone transaction immediately creates a pan-European real estate asset management platform of scale and continues our strong track record of successful transactions to deliver value for our investors. It successfully brings together two highly complementary businesses with a shared conviction in the compelling structural, demographic and technological drivers underpinning select real estate asset classes in Europe.

Jonathan Callaghan, CEO of Cromwell Property Group, commented, “I strongly believe that Stoneweg is an excellent match with very little overlap in terms of geographic and asset class focus, and I take this opportunity to thank all staff who have participated in this exercise, especially those joining Stoneweg as part of this transaction.”

The transaction remains subject to customary closing conditions and adjustments, including approval by the Monetary Authority of Singapore and the Commission de Surveillance du Secteur Financier in Luxembourg as well as debt change of control consents or waivers. Completion is expected to occur in the forthcoming months.

Swiss Bank and Stoneweg’s shareholder, CBH Compagnie Bancaire Helvétique SA acted as Financial Advisor to the buyer for the transaction.

Stoneweg is a real estate asset manager and investment advisory group established in 2015 and headquartered in Geneva. It identifies real estate opportunities, structures investment products and manages dedicated mandates in Europe and the US. The Group relies on local operating teams to identify, develop and manage real estate investments around the World. To date, Stoneweg has invested more than €5 billion in real estate in various sectors including residential, commercial, logistics and hospitality.

Icona Capital Group, founded by Max-Hervé George, operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. Icona has more than €2.5bn of gross AUM across different business segments. Icona Capital’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximize the greatest return potential. By keeping a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

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