IIcona Capital, a leading alternative investment firm, has entered into a binding agreement with Cromwell Property Group to acquire its European fund management platform and associated co-investments through Stoneweg, a real estate manager. The acquisition, valued at €280 million, covers €3.9 billion of real estate assets under management and includes:

• 100% interest in Cromwell Europe Limited
• 8% unitholding in CEREIT (a real estate investment trust listed in Singapore with a €2.2 billion portfolio)
• Full control of CEREIT’s management arm in Singapore
• 50% stake in the Cromwell Urban Italy Logistics Fund

This acquisition positions the combined entity to manage €8 billion in assets across a broad range of sectors, including residential, logistics, office, hospitality, and leisure, spanning 15 European countries.

Key Highlights:

• Acquisition Details: Valued at €280 million, covering €3.9 billion in assets under management
• Sector Diversification: Includes residential, logistics, office, hospitality, and leisure across 15 European markets
• Strategic Leadership: Led by Icona Capital’s CEO Max-Hervé George, along with Stoneweg co-founders Jaume Sabater and Joaquin Castellvi
• Strong Market Position: Managing €8 billion in assets, with over 160 assets and 1,600 tenants across 12 countries
• Regulatory Approval: Deal expected to complete in the coming months, subject to customary regulatory approvals

The acquisition significantly strengthens Icona Capital’s position in the European real estate market, creating a leading real estate business with diverse capital relationships and product offerings. The enlarged group will continue to operate under the Stoneweg brand, combining the track records and expertise of both Icona and Cromwell Europe to deliver unique investment opportunities in the European real estate market.

Contact us at press@iconacapital.com