This acquisition strengthens Icona Capital’s position as a major player in European real estate, uniting the strengths of both Icona and Cromwell Europe. With over 160 assets and 1,600 tenants, Cromwell’s platform will complement Stoneweg’s innovative real estate strategies, creating a highly diversified real estate business.

Key Highlights: 

• Acquisition Value: €280 million
• Assets Under Management (AUM): €3.9 billion
• Strategic Assets Acquired:

– 100% interest in Cromwell Europe Limited

– 27.8% unitholding in CEREIT, a Singapore-listed real estate investment trust with a €2.2 billion portfolio

– 100% interest in the Singapore-based Manager of CEREIT

– 50% stake in the Cromwell Urban Italy Logistics Fund

• Enlarged Group’s AUM: €8 billion, spanning residential, logistics, industrial, hospitality, office, and leisure sectors across 15 European countries
• Platform Operations: The enlarged group, led by Icona’s CEO Max-Hervé George and Stoneweg’s leadership team, will continue operating under the Stoneweg brand.

Max-Hervé George, Founder & CEO of Icona Capital, commented, “Our partnership with Stoneweg, which began in 2022, is a key part of our strategy to build a global real estate presence. This transformative transaction sets the foundation for Icona and Stoneweg to expand market presence and enhance our partnerships.”

Jaume Sabater, CEO of Stoneweg, noted, “This deal creates a pan-European real estate platform with a broad geographic reach and a shared commitment to structural drivers in key European real estate sectors. It brings together two highly complementary businesses with a shared vision.”

Jonathan Callaghan, CEO of Cromwell Property Group, expressed, “Stoneweg is an excellent match for Cromwell, offering strong alignment with minimal overlap. We appreciate the dedication of our staff and those transitioning to Stoneweg as part of this deal.”

Contact us at press@iconacapital.com