Stoneweg, the real estate investment group, has entered into a binding agreement with Cromwell Property Group (“Cromwell”) to acquire Cromwell’s European fund management platform and associated co-investments, which totals €3.9 billion of real estate assets under management, for a total consideration of €280 million, subject to closing adjustments and regulatory approvals.

Under the terms of the transaction, Stoneweg is acquiring Cromwell’s:

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.

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

Led by Stoneweg’s co-founders, Jaume Sabater (CEO) and Joaquin Castellvi (Head of Acquisitions) and Icona’s founder, Max-Hervé George (Stoneweg Strategic Shareholder), the combined platform will continue to operate as Stoneweg. The enlarged group will manage ca. €8 billion of 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.

Stoneweg currently has ca. €4 billion of assets under management and employs more than 140 professionals across seven offices in Europe and the United States. Since its inception in 2015, it has executed over 375 transactions representing ca. [€6.2] billion. In recent years it has further diversified its client offering with the launch of Stoneweg Hospitality in 2021 and its Places & Experiences platform in 2023.

Stoneweg Founder & 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.

“Leveraging the respective businesses’ deep operational real estate investment and development expertise, the transaction establishes Stoneweg across all of Europe’s major geographies, enabling us to accelerate our market share ambitions and follow through on our convictions at what is a compelling point in the cycle.

“Heralding a new era for Stoneweg, we are hugely excited by the potential of the enlarged group and look forward to integrating the Cromwell European team into the existing Stoneweg organisation, creating a true one-stop-shop for institutional and private equity investors.

“The addition of the Manager of the Singapore-listed Cromwell European REIT extends our reach into Asia and those investors seeking exposure to high-quality and sustainable real estate assets across Europe. With our co-investment in Cromwell European REIT we look forward to taking on our new role as the Sponsor, working closely with the Board, the Manager, unitholders and key relationship banks to ensure continuity of operations and pursue growth together”

Max-Hervé George, Founder & CEO of Icona Capital, commented: “Icona joined Stoneweg as a strategic shareholder and investor in 2022, with a clear target to grow the business into a leading global real estate player. In this context, Icona is very happy to have participated in this major transaction, which provides the platform for Stoneweg and Icona to achieve their goal, strengthening both their market presence and partnership.

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.

Icona Capital Group (www.iconacapital.com) is an alternative investment company with a strong entrepreneurial spirit that operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. The company’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximise the greatest return potential.

With a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

Stoneweg is an alternative investment group specialized in real estate established in 2015 and headquartered in Geneva, Switzerland.

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 €6 billion in real estate in various sectors including residential, commercial, logistics and hospitality. Stoneweg’s expertise lies in both equity and debt investment strategies. Its clients include financial institutions and family offices that invest in a variety of structures, including club deals, joint ventures and co-investments.

With more than 140 employees, Stoneweg is present in Switzerland, the United States, Spain, the United Kingdom, Ireland, Andorra and Italy.

Since 2015 Stoneweg has completed more than 375 acquisitions alongside best-in-class partners.

As part of its ambitious plan to establish a dedicated platform for the development of data centres, Icona Capital announces its latest data centre development project located in Madrid, Spain.

Set to transform the landscape with its innovative approach to data centre development, and with zoning approval for data centre use already underway, the above 250,000 sqm project is designed to meet the growing demand for digital services in the region.

“We are excited to introduce our newest data centre development project in, Madrid,” said Max-Hervé George, Chairman & CEO of Icona Capital. “This project represents a strategic investment in the future of digital infrastructure and underscores our commitment to driving innovation in the region.”

With already confirmed large power supply, and with further potential for development, the meticulous planning and execution of this project demonstrate Icona Capital’s dedication to delivering progressive data centre solutions.

“We are confident that the Madrid project will play a pivotal role in meeting the growing demand for digital services in Europe,” added George.

Icona Capital Group (www.iconacapital.com) is an alternative investment company with a strong entrepreneurial spirit that operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. The company’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximise the greatest return potential.

With a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

Icona Capital announces a further £100 million in funding dedicated to strengthening its liquid strategy.

Liquid strategy, led by Roberto Giacalone, Global Head of Liquid Strategy at Icona Capital, plays a pivotal role in the company’s investment approach. With this additional funding, Icona Capital is positioned to expand its investment initiatives, capitalising on market trends and opportunities.

Giacalone said: “We are excited to deploy these funds to further strengthen our liquid strategy. In today’s dynamic financial environment, it is imperative to have a robust and expertly managed strategy in place. It will allow us to enhance our capabilities and remain agile in seizing opportunities as they arise.”

Characterised by responsiveness, Icona Capital’s liquid strategy positions the company to navigate the evolving financial landscape and achieve superior results in the market.

Icona Capital Group (www.iconacapital.com) is an alternative investment company with a strong entrepreneurial spirit that operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. The company’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximise the greatest return potential.

With a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

Icona Capital, a leading alternative investment group, is pleased to announce its recent acquisition of an island in the Maldives. Situated within a prime location, renowned for its immaculate natural beauty, it marks a significant milestone in Icona Capital’s return to the luxury hospitality sector.

This acquisition presents an exceptional opportunity for Icona Capital to develop an ultra-luxury project. With excellent proximity to both the international Malé airport and the domestic Maamigili airport, the island offers exceptional accessibility for international travellers.

“We are thrilled to announce the acquisition of this rare island in the Maldives,” said Max-Hervé George, Chairman & CEO of Icona Capital. “This investment aligns perfectly with our vision of creating unique and exceptional investment opportunities globally.”

Max-Hervé George, known for his previous success with Ultima Capital in the ultra-luxury hospitality sector, which he founded in 2013, leading it to a successful IPO in 2019 before its sale in 2023, remains deeply passionate about hospitality and property development. “Our goal is to continue reinventing the concept of luxury as we did with Ultima”, said George.

With its track record of success and dedication to excellence, Icona Capital’s acquisition underscores its commitment to investing in unique and high-potential opportunities in the luxury hospitality sector. 

Icona Capital Group (www.iconacapital.com) is an alternative investment company with a strong entrepreneurial spirit that operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. The company’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximise the greatest return potential.

With a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

Icona Capital, a leading alternative investment group with a diverse portfolio has successfully sold its 15.7% stake in Globe Trade Center S.A. (GTC), a prominent European real estate development group, via Icona Securitisation Opportunities.

Jean-Pierre Verlaine of Icona Securitisation Opportunities, commented on the sale: “We are proud of the work we did with GTC and are pleased with the outcome of this transaction, remaining committed to identifying and capitalising on new opportunities.”

Globe Trade Center S.A. (GTC) is a Warsaw-based real estate company listed on the Warsaw Stock Exchange. GTC specialises in developing, leasing, and managing commercial properties across Europe. 

This successful exit accentuates Icona’s commitment to strategic investments. 

Icona Capital Group (www.iconacapital.com) is an alternative investment company with a strong entrepreneurial spirit that operates in various sectors, including Data Centres, Real Estate, Credit, and the Financial Sector. The company’s investment strategies are grounded in thorough research, in-depth first-hand knowledge, and the ability to efficiently implement strategies to maximise the greatest return potential.

With a keen eye on emerging opportunities and a highly skilled and coordinated team, Icona Capital’s activities stretch across Europe, covering different key capabilities.

Global real estate investment company, Stoneweg S.A. (‘Stoneweg’), and London based Icona Capital (‘Icona’) are pleased to announce Icona’s acquisition of a 40% minority stake in Stoneweg.

This agreement enhances Stoneweg’s growth trajectory as it establishes itself as a leading global real estate player, with a strong focus on sustainability. In 2022, Stoneweg strengthened its management team as well as its board of directors and with this milestone consolidates the strong foundations built since the group was established in 2015 to offer investors unique opportunities and innovative investment solutions.

The strategic partnership will support Icona’s ambitious ESG-focused multi-billion pipeline comprising prime real asset investments in critically dislocated markets. The transaction creates a combined €8bn platform leveraging both partners’ capital sourcing, deal flow origination and asset distribution capabilities.

Max-Hervé George, founder and CEO of Icona Capital, said: “We see tremendous growth potential utilising the extensive synergies our firms can reap from tapping into our unified vision, entrepreneurial spirit and creativity. Building on Stoneweg and Icona’s previous successes together, it was only natural to cement this partnership and bring together our skills and expertise to provide further momentum to our businesses.”

Stoneweg founder and CEO, Jaume Sabater, commented: “Icona’s investment in our fast-growing business is a tremendous show of support and a testament to the quality of our advisory and investment work, as well as our industry leading sustainability credentials. We have collaborated with Icona for a long time and look forward to continuing to work together to deliver for our clients in the years ahead.”

Stoneweg has been identifying real estate opportunities and structuring investment products in Switzerland, Spain, Andorra, Italy, UK, Ireland and the US since 2015. Due to its innovative approach to real estate investment, the company has enjoyed a strong period of growth since its inception and now employs over 140 professionals managing more than €5bn of real estate assets.

Icona, an independent investment firm headquartered in London, advises several investment vehicles across different asset classes in real estate, credit, private equity, special situations and growth equity. Most of Icona’s €3bn assets are controlled and managed by a team led by Max-Hervé George, founder and CEO of Icona.

Stoneweg (www.stoneweg.com) is a real estate asset manager and investment advisory group established in 2015 and headquartered in Geneva, Switzerland. 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. Stoneweg’s expertise lies in both equity and debt investment strategies. Its clients include financial institutions and family offices that invest in a variety of structures, including club deals, joint ventures and co-investments. With more than 140 employees, Stoneweg is present in Switzerland, the United States, Spain, the United Kingdom, Ireland, Andorra and Italy. Since 2015, Stoneweg has completed more than 300 acquisitions alongside best-in-class partners.

Icona Capital Group (www.iconacapital.com) is an independent investment firm and financial advisory business established by Max-Hervé George. It is registered and headquartered in London with further offices in Geneva and Luxembourg. It advises a number of its own investment vehicles across different business segments in real estate, credit, private equity, special situations and growth equity.  Icona now has in excess of €3.0bn of gross value assets across 14 countries in Western, Central and Eastern Europe as well as in the US. 

Stoneweg SA (‘Stoneweg’), the real estate investment advisor, has completed, on behalf of the Icona Capital Group (‘Icona’), the sale of the former bottling plant of Casbega in Fuenlabrada, a large industrial site in Madrid, to Thor Equities (‘Thor’).

Stoneweg acquired the former bottling plant in the Nino del Remedio Industrial Estate in 2020. The 211,000 sqm of industrial space adjacent to Madrid’s inner ring-road is strategically located in the municipality of Fuenlabrada and benefits from excellent transport links. The sale to Thor, as part of its own stated expansion to build up Thor Digitaland, will result in an investment of €600 million and turn the site into a state-of-the-art data centre.

Stoneweg and Icona have been working together for over 3 years.

Jaume Sabater, CEO of Stoneweg, commented: “Stoneweg has become a highly trusted partner of Icona, having executed the original acquisition of this asset as well as its successful sale, just two examples of our expert team’s ability to deliver strong returns on behalf of our clients. We hope to continue our relationship with Icona and look forward to working with them again in the future.”

Speaking after closing this substantial deal, Max-Hervé George commented: “We worked closely with Stoneweg to locate a site of this quality in Madrid as part of our investment expansion into southern Europe. We have been very pleased that its location and opportunity has been recognised by Thor.”

Stoneweg, headquartered in Geneva, identifies real estate opportunities, structures investment products and manages dedicated mandates in Switzerland, Spain, Andorra, Italy, UK, Ireland and the USA. It has enjoyed a strong period of growth since its inception in 2015 and now employs over 140 professionals.

Icona is an independent investor controlled by Max-Hervé George. It is headquartered in London with further offices in Geneva and Luxembourg. Icona has more than €2.5bn of gross assets under management across different business segments ranging from real estate, credit and private equity to special situations.

Icona was advised by the Swiss banking group, CBH Bank of Geneva.

Stoneweg (www.stoneweg.com) is a real estate asset manager and investment advisory group established in 2015 and headquartered in Geneva, Switzerland. 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. Stoneweg’s expertise lies in both equity and debt investment strategies. Its clients include financial institutions and family offices that invest in a variety of structures, including club deals, joint ventures and co-investments.
With more than 140 employees, Stoneweg is present in Switzerland, the United States, Spain, the United Kingdom, Ireland, Andorra and Italy. Since 2015, Stoneweg has completed more than 300 acquisitions alongside best-in-class partners.

Icona Capital Group (www.iconacapital.com) is an independent investor and financial advisory business (established by Max-Hervé George) registered and headquartered in London W1 with further offices in Geneva and Luxembourg. It advises a growing number of its own special purpose vehicles across different business segments in real estate, credit, private equity and special situations. Icona now has in excess of €2.5bn of gross value assets in Switzerland, Spain, France, Italy, Greece, Ireland, the UK, Poland, Hungary, Serbia, Croatia, Romania, Bulgaria, Austria and the USA.

Icona Capital, an investment group founded by French entrepreneur, Max-Hervé George, has announced the purchase of a substantial 15.7% stake in Globe Trade Center S.A (GTC), a leading European real estate development group. The shares have been purchased at a global transaction value of €140m from GTC Dutch Holding B.V., a vehicle directed by Optima Investments Ltd.

Icona, which now has over €2.5bn of gross assets under management, will take a seat on GTC’s Supervisory Board. Real estate is just one segment of the investment group’s operations, with projects for its global clientele managed in private equity, liquid strategy, credit, special situations, and the financial sector. 

Speaking about the acquisition of GTC’s stake, Max-Hervé George said: “We are looking forward to developing our relationship further with GTC over the coming years and are delighted that in one step Icona has been able to expand its geographical exposure to some of the best commercial sites across central Europe.”

George, who has been described as one of the top prominent young entrepreneurs in Europe, is also co-founder of European luxury hospitality group, Ultima Collection. George sits on the Icona Board alongside Edward Spencer-Churchill, a director of Sun-Capital, and Francois Reyl, CEO of Swiss financial group Reyl Intesa San Paolo.

GTC is listed and headquartered in Warsaw. It has a gross asset value of €2.2bn. In the year to December 2020, it had €160m of revenue from operations and an EBITDA of €112m. Its investments are made up of 732,100m2 of both office and retail space in 43 revenue generating prime commercial buildings. It has a substantial development land bank and three properties currently under construction.

Zoltán Fekete, Chairman of the Supervisory Board of GTC said: “We are pleased to welcome on board an international group of investors that brings a new angle to our investment strategy, through which we intend to explore opportunities in markets outside Central and Eastern Europe.”